Hi, Can someone please share the Gadget policy in your organization? A policy where employees can buy electronic devices and get the reimbursement.
From India, Ernakulam
From India, Ernakulam
Dear Anitha,
When you say "gadget", what exactly do you mean to say and have you fixed the upper limit for the purchase? Probably you mean to say electronic goods like laptops, mobile phones etc. However, if you allow the employees to buy electronic goods and reimbursement the amount then will the ownership of the goods also be transferred to the company? If yes, then how it will be transferred and how the company will show it in the books of account?
The gadgets you are referring to are the fixed assets from the finance point of view. Earlier, IT Act, 1961 allowed 30% depreciation on fixed assets that are electronic goods. In certain cases, it is 60% also. But then the company can avail of the facility of depreciation provided if it is the rightful owner. If the company does not acquire the ownership even after reimbursing the amount to the employees then in which way the company will be beneficial? Please ponder over this question.
Thanks,
Dinesh Divekar
From India, Bangalore
7855When you say "gadget", what exactly do you mean to say and have you fixed the upper limit for the purchase? Probably you mean to say electronic goods like laptops, mobile phones etc. However, if you allow the employees to buy electronic goods and reimbursement the amount then will the ownership of the goods also be transferred to the company? If yes, then how it will be transferred and how the company will show it in the books of account?
The gadgets you are referring to are the fixed assets from the finance point of view. Earlier, IT Act, 1961 allowed 30% depreciation on fixed assets that are electronic goods. In certain cases, it is 60% also. But then the company can avail of the facility of depreciation provided if it is the rightful owner. If the company does not acquire the ownership even after reimbursing the amount to the employees then in which way the company will be beneficial? Please ponder over this question.
Thanks,
Dinesh Divekar
From India, Bangalore
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