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Discussion > Income Tax > Tax queries >

RATE OF DEPRECIATION

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9773395720

[ Scorecard : 465]
Posted On 08 June 2010 at 14:33 Report Abuse

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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Aditya Maheshwari
CA in Practice

[ Scorecard : 34670]
Posted On 08 June 2010 at 15:12

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



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Akhil Gupta
Manager F&A

[ Scorecard : 847]
Posted On 08 June 2010 at 16:21

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.


 



Total thanks : 1 times



Shudhanshu Agrawal
CA Final and CS Final

[ Scorecard : 2438]
Posted On 08 June 2010 at 16:30

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



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CA Ravish Trivedi
The Possibilities are Infinite...

[ Scorecard : 757]
Posted On 08 June 2010 at 18:36

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




Sonia M Ketkar
B.com CA CS(Executive)

[ Scorecard : 616]
Posted On 08 June 2010 at 20:53

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




shrikant kalyani
CA-Final Student

[ Scorecard : 60]
Posted On 08 June 2010 at 21:47

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



Niraj
CHARTERED ACCOUNTANTS

[ Scorecard : 72]
Posted On 09 June 2010 at 11:01

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




vijay patel
sarangpur

[ Scorecard : 22]
Posted On 09 June 2010 at 15:57

I AGREE WITH MR. AKHIL




rama krishna
finance manager

[ Scorecard : 36]
Posted On 09 June 2010 at 16:21

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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