Gautam Kr. Singh
student
[ Scorecard : 30]
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Posted On 02 February 2010 at 17:39
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Anybody plz tell me that hw cud treat mobile phone for the purpose of Depreciation under Income Tax Act & Also Under Co. Act
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Vijay
CA Final
[ Scorecard : 59]
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Posted On 02 February 2010 at 17:45
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It should be considered as Office Equipments for IT Act and Companies Act.
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CA.Sonia
professional
[ Scorecard : 424]
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Posted On 02 February 2010 at 17:57
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Ya it should treated under office equipment.
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Amir
Learner
[ Scorecard : 3939]
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Posted On 02 February 2010 at 18:21
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Dear Gautam,
Under Companies Act assets costing upto Rs. 5,000 may charged to profit & loss A/c in the first year
If it exceeds Rs. 5,000 then It should be capitalised under Plant & Machinery - General @ 13.91% (WDV)
Whereas no such facility is available under Income Tax Act - i:e It has o be capitalised - Head "Plan & Machinery - General" @ 15%
Needless to say Cost shall also include cost of "First Recharge Voucher, First Insurance, etc", being an expenditure necessary for making the asset ready for use.
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Pravesh Kumar
Still Learning
[ Scorecard : 163]
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Posted On 02 February 2010 at 18:59
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DhiraJ GuptA
Accountant Internal Audit
[ Scorecard : 27]
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Posted On 14 February 2011 at 16:40
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Mobile phones are treated as plant and machinery, and are entitled to depreciation at the rate of 15 per cent.
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Ajay Rajai
Tax Advocate (Consultant) I.T and Documentation of Properties
[ Scorecard : 677]
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Posted On 15 February 2011 at 20:10
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Yes, mobile phones are to be treated under the category "plant and machinery" and are entitled for deprciation @ 15% under The Income Tax Act
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