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Depreciation

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(Querist)
06 December 2011 whether depreciation is required for plant and mach. in individual case?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
06 December 2011 Under Income Tax Act, block of assets concept is applicable.

Under this concept, all the assets belonging to a particular class are clubbed together and known as a Block.

For instance, all plant & machineries having same rate of depreciation will be clubbed together and accordingly depreciation will be calculated on the total value of the block and not on individual assets.
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CA Mahesh Vekariya

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CA Mahesh Vekariya (Expert)
06 December 2011 Dear Manmohan

I agree with view given by Mr.Bhardwaj
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
06 December 2011 The query may be replied in the following way also--

In the Case of Individual Depreciation on plant & machinery can be provided.
It can be presumed that the P&M is held by the individual for running any business activity.
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