Confusion in depreciation rates as per Income Tax Act
This query is : Resolved
Sagar Arora
(Querist)
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
(Expert)
14 September 2016
what sort of business/profession you are into?
Sagar Arora
(Querist)
21 January 2017
mine is a trust notified under 80G
Amol S Joglekar
(Expert)
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")
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")
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