Confusion in depreciation rates as per Income Tax Act

This query is : Resolved

Sagar Arora (Querist)
Follow

14 September 2016 Hello Sir, please resolve queries as to what will be the rates for following items 1. Stain removing machines 2. Drier machine 3. Smoking machine 4. Needle detector machine 5. Generator. Thanks in advance.

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

14 September 2016 what sort of business/profession you are into?

Sagar Arora

Sagar Arora (Querist)
Follow

21 January 2017 mine is a trust notified under 80G

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

21 January 2017 Thank you for sharing the information.
What is the object of the said trust for which you need these machines?
(Prima facie it looks that the trust is using these machinery for the benefits of its members/beneficiaries. In that case it can treat it as Furniture.
In case the machinery is used for the BUSINESS of say washing & drying... laundry etc ....carried on by the Trust, the rate of depreciation would be that of "Plant and Machinery")

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

George Innocent

SUBHASH SAHA

Narendra

Krishnaveni karur

KRK

Subscribe Now

Confusion in depreciation rates as per Income Tax Act

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

GST CONSULTANCY

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

CA Final