30 August 2014
An polyhouse (made of Polytrhene sheets with use of Iron pipe) used for agriculture activities has a life of 3 years (Approx.) No specific dep. rate and asset group has been classified in Companies Act as well as Income Tax Act. Depreciation in the books can be provided by estimating life of assets by giving note. My question is What rate of Depreciastion should be applied under Income Tax Act?. Whether it come under "Building or Plant & Machinery"?
CAclubindia
