Depreciation on ATM Machines

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 May 2010 ATM machines is to be taken as plant & machinery or will be a under computer grouping i.e. rate will be 15% or 60% as per income tax act

CA BIREN SHAH

CA BIREN SHAH (Expert)
Follow

07 May 2010 ATM machine is related to banking co.
and banking co has their rate of dep on ATM.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

07 May 2010 dear biren can u pls specify the rate as per income tax act , banking rates are as per company act

CA Prashant Gupta

CA Prashant Gupta (Expert)
Follow

07 May 2010 I think ATM should be in electrical equipment for which 80% dep is allowed as per income tax act. It says
" Remote terminal units/intelligent electronic devices, computer hardware/software, router/bridges, other required equipment and associateed communication systems for supervisory control and data acquisition systems, energy management systems and distribution management system for power transmission systems."
I think second menion "intelligent electronic devices " will cover that.

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

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok