Can anyone help me What will be rate of Depreciation on Electronic Car as per Companies Act and as per Income Tax Act
SHINY
(CA Final Student)
(699 Points)
Replied 28 May 2015
Hi naresh
The rate of depriciation on electronic cars as per IT Act is 15% pa and it is included in the definition of 'Plant' as per SEc 43(3) of IT Act.
YOGESH
(STUDENT)
(128 Points)
Replied 29 May 2015
As per the Income Tax Act the Electronic Car comes in the Block of machinery and Plant which is chageable @ 15%
As per the New Companies act the Depreciation is chargeable on the basis of Useful Life of Asset, hence the Elctronic car should be depreciated on the basis of its useful life
Amit
(Doctor)
(22 Points)
Replied 02 June 2015
| Originally posted by : naresh | ||
 |
Can anyone help me What will be rate of Depreciation on Electronic Car as per Companies Act and as per Income Tax Act |  |
Can anyone tell me what is the rate of annual depreciation for the Sethoscope (a medical equipment/instrument and whether it can be treated as a life-saving equipment?
Z
( )
(2960 Points)
Replied 02 June 2015
Life saving equipments have been specified under income tax rules and therein Stethoscope is not covered.
Hence 15%
|
Life saving medical equipment, being— [Rate 40%] |
|||
|
(a) D.C. Defibrillators for internal use and pace makers |
|||
|
(c) Heart lung machine |
|||
|
(d) Cobalt Therapy Unit |
|||
|
(e) Colour Doppler |
|||
|
(f) SPECT Gamma Camera |
|||
|
(g) Vascular Angiography System including Digital Subtraction Angiography |
|||
|
(h) Ventilator used with anaesthesia apparatus |
|||
|
(i) Magnetic Resonance Imaging System |
|||
|
(j) Surgical Laser |
40 | ||
|
(k) Ventilator other than those used with anaesthesia |
|||
|
(l) Gamma knife |
|||
|
(m) Bone Marrow Transplant Equipment including silastic long standing intravenous catheters for chemotherapy |
|||
|
(n) Fibre optic endoscopes including, Paediatric resectoscope/audit resectoscope, Peritoneoscopes, Arthoscope, Microlaryngoscope, Fibreoptic Flexible Nasal Pharyngo Bronchoscope, Fibreoptic Flexible Laryngo Bronchoscope, Video Laryngo Bronchoscope and Video Oesophago Gastroscope, Stroboscope, Fibreoptic Flexible Oesophago Gastroscope |
|||
|
(o) Laparoscope (single incision) |
Amit
(Doctor)
(22 Points)
Replied 02 June 2015
Dear Z, for Stethoscope, th rate of depreciation as shown here is 15% whereas the email which I have received from this website shows it as 30% (pdf copy of the email is attached here). Please clarify whether it is 15% or 30% for Stethoscope. Thanks
Z
( )
(2960 Points)
Replied 02 June 2015
15% (General rate)
I by mistake typed 30% but I updated it within 4-5 seconds
See rule 5 [Income tax rules] for more details
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
