Assets - category
This query is : Resolved
25 August 2010
Dear Expert,
Can you pls list the asstes that come each of the categories below (as in Sch of FA):
1. Plant & Machinery
2. Electrical installations
3. Equipments
4. Furniture & fixtures
5. Vehicles (shld the vehicle be in the name of the company?)
6. Can software be included in Technical knowhow fees?
thanks
kirti
Can you pls list the asstes that come each of the categories below (as in Sch of FA):
1. Plant & Machinery
2. Electrical installations
3. Equipments
4. Furniture & fixtures
5. Vehicles (shld the vehicle be in the name of the company?)
6. Can software be included in Technical knowhow fees?
thanks
kirti
CMA Ramesh Krishnan
(Expert)
25 August 2010
1.Plant & Machinery separately grouped
2.Electrical installation can be grouped under Furniture & Fixture
3. Equipments can be grouped under office equipments
4. Furniture & Fixture separate group
5.Vehicles will be separate group
6. Technical know how cannot be added to software, it need to be defferred and wriiten off over the useful period
2.Electrical installation can be grouped under Furniture & Fixture
3. Equipments can be grouped under office equipments
4. Furniture & Fixture separate group
5.Vehicles will be separate group
6. Technical know how cannot be added to software, it need to be defferred and wriiten off over the useful period
Message likes :
1 times
25 August 2010
Apart from the points made by Mr. Ramesh..,
Software can be included in the head "Computers"
Software can be included in the head "Computers"
Message likes :
1 times
25 August 2010
thnx....what I wanted was the examples of assets that come under each category like
Vehicles have car,bus etc.
Vehicles have car,bus etc.
CMA Ramesh Krishnan
(Expert)
25 August 2010
Plant & Machinery - Machinery for productions, services
2. Electrical installations - electrical fitting, lightings
3. Equipments - UPS, Air conditioners
4. Furniture & fixtures - Office table, chairs,Fittings
5. Vehicles - Car, Bus, Van, jeep
2. Electrical installations - electrical fitting, lightings
3. Equipments - UPS, Air conditioners
4. Furniture & fixtures - Office table, chairs,Fittings
5. Vehicles - Car, Bus, Van, jeep
Message likes :
1 times
25 August 2010
Ramesh ji,
what is the depreciation rate for
Equipments &
Electrical installations
under Co.s & IT act?
are the below rates correct (Cos Act)?
Computers + s/w 40%
Fur & Fixtures 18.1%
Vehicles 25.89%
Bldg.(office) 5%
what is the depreciation rate for
Equipments &
Electrical installations
under Co.s & IT act?
are the below rates correct (Cos Act)?
Computers + s/w 40%
Fur & Fixtures 18.1%
Vehicles 25.89%
Bldg.(office) 5%
Aditya Maheshwari
(Expert)
25 August 2010
Electrical installations under Co.s - 18.1
IT - 10%
Rest rates correct.
IT - 10%
Rest rates correct.
Message likes :
1 times
25 August 2010
pls write rate for equipments also or is it the same ie 18.1%?
Aditya Maheshwari
(Expert)
25 August 2010
“Electrical fittings” include electrical wiring, switches, sockets, other fittings and fans, etc. - 18.1%.
Electrical equipment if like office equipments like EPBX, Fax machine - 13.91%
Electrical equipment if like office equipments like EPBX, Fax machine - 13.91%
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
