Depreciation

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Gnanadeep

Gnanadeep (Querist)
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17 September 2014 depreciation rate on apple tablet purchased with section as per companies act 1956?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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17 September 2014 it is 13.91% as per old companies act 1956

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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17 September 2014 Dear Tushar its clearly mentioned as per Companies Act 1956.

In my view it should be categorized under the group Office machinery. Rate of depreciation 13.91% (WDV).

Depreciation rate as per Schedule XIV of Companies Act 1956.

Gnanadeep

Gnanadeep (Querist)
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19 September 2014 weather car can be taken as plant & machinery as per income tax act?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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19 September 2014 Yes. Deprecitaion available @15% if used other than in business of giving motor car on hire.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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05 April 2015 Reply modified by Tushar (without acknowledging the mistake). Earlier Tushar has asked whether as per Companies Act 1956 or Companies Act 2013.