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depreciation

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jitendra

jitendra (Querist)
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15 June 2011 What is the depreciation treatment of import of secound hand machinery?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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15 June 2011 Charge depreciation at 15% or specific rates provided in the Depreciation Schedule of IT on Cost of Machinery which includes all the incidental charges like freight, insurance, customs, loading, unloading, transportation, erection etc.

CS Bijoy

CS Bijoy (Expert)
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15 June 2011 It has been decide that depreciation may be allowed for arriving at the assessable value of second-hand machinery on the following scale : -
i)For every quarter during first year 4% 16
ii)For every quarter during 2nd year………..3% 12
iii)For every quarter during 3rd year.2. 50% 10
iv)For every quarter during 4th year………..2% 8
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Subject to an overall limit of 70% 46

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