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RATE OF DEPRECIATION


WHAT IS THE RATE OF DEPRECIATION IS APPLICABLE FOR FIRE EXTINGUISHERS & FOR GENERATOR UNDER INCOME TAX ACT FOR JEWELLERS ?

PLEASE ADVICE ME.......


THANK YOU IN ADVANCED......
 

 
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15% as the same are part of office equipment and will come under the head plant & machinery.


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AS PER SCHEDULE XIV OF THE COMPANIES ACT. Items to be clubbed under Plant & Machinery. As no special rate is given genaral rate will apply, viz., according to shift working. However inmy opinion NESD for Fire Extinguisher.

Also As per INCOME TAX ACT, general rate of depreciation , i.e. 15%, will apply for fire extinguisher and Generator.

Opinions of other member are also welcomed.


 


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CA Final and CS Final


I am agree with Mr. Aditya that the rate will be 15%


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The Possibilities are Infinite...

Yes it is 15% . Hope this query is now resolved.

 
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B.com CA DISA(ICA) Pursuing CS

It is 15% as the above assets come under the block Plant and Machinery.

 
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Office Equipment under P&M Block ....so Rate will be 15%.. 

 
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CHARTERED ACCOUNTANTS


FIRE EXTINGUISHERS & GENERATOR UNDER INCOME TAX ACT FOR JEWELLERS IS DEPRECIATED @ 15%

 
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I AGREE WITH MR. AKHIL

 
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friends

i would like to know whether it is possible to capitalise an item as per companies act and expence as per income tax act.  in our case, we want to capitalise exp on technical know how as per companies act and expence the same while tax computation as per income tax act. post your reply at ramakrishna @ celonlabs.com

 
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