Block of Asset

This query is : Resolved

Jyoti (Querist)
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04 May 2011 Dep rate -

Building - 10%
Furniture - 10%
Electric Fitting -10%
Office Equipment - 15%
Computer - 60%
Software - 60%

Please Guide me how many block should be make here as per Income tax?

I created-

Building - 10%
Furniture + Electric Fitting -10%
Machine other than computer -15%
Computer - 60%
Software - 60%

Am i Right or Wrong?

Please Guide me.

Thanks

CA SAURABH GARG

CA SAURABH GARG (Expert)
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05 May 2011 There may be at least 4 blocks as per income tax act.

Building 10%
Furniture+Electric fittings 10%
Machine other than computer 15%
Computer + Software 60%

Now its depend upon how you would take it for reconciliation with companies act depreciation schedule because there is only rate diff. nothing else.

Jyoti

Jyoti (Querist)
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05 May 2011 Thanks, Please tell me that Office Equipment will be included in Machine other than Computer.