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Block of Asset

This query is : Resolved 
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(Querist)
04 May 2011 Dep rate -

Building - 10%
Furniture - 10%
Electric Fitting -10%
Office Equipment - 15%
Computer - 60%
Software - 60%

Please Guide me how many block should be make here as per Income tax?

I created-

Building - 10%
Furniture + Electric Fitting -10%
Machine other than computer -15%
Computer - 60%
Software - 60%

Am i Right or Wrong?

Please Guide me.

Thanks
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CA SAURABH GARG

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CA SAURABH GARG (Expert)
05 May 2011 There may be at least 4 blocks as per income tax act.

Building 10%
Furniture+Electric fittings 10%
Machine other than computer 15%
Computer + Software 60%

Now its depend upon how you would take it for reconciliation with companies act depreciation schedule because there is only rate diff. nothing else.
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Jyoti

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Jyoti (Querist)
05 May 2011 Thanks, Please tell me that Office Equipment will be included in Machine other than Computer.
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Nayan Das

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Nayan Das (Expert)
05 May 2011 Dep rate -

Building - 10%
Furniture - 10%
Electric Fitting -15%
Office Equipment - 15%
Computer - 60%
Software - 60%
machinery - 15%
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VAMSI ASSOCIATES/S.PHANI RAJ

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VAMSI ASSOCIATES/S.PHANI RAJ (Expert)
05 May 2011 yes
what u r doing is correct
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Nikhil Kothari

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Nikhil Kothari (Expert)
16 May 2011 Yes you are correct.
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