Depreciation rate

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 September 2012 Please tell me the Depreciation Rate of the following as per Income Tax Act :

Fire Extinguisher
Air conditioner
Printer
Refrigerator

Thanx in advance...

Pankaj Gupta

Pankaj Gupta (Expert)
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05 September 2012 * For printer no specific rate of duty is given in depreciation schedule, therefore as a general practice people charge a rate of duty of 60% which is specified for computer.
* And for the other machineries, as no specific rate of depreciation is given , therefore general rate of 15% should be applied. (as per my point of view)

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Querist : Anonymous

Querist : Anonymous (Querist)

05 September 2012 Sir , i have seen in case of one of my client they are charging the depreciation @ 10% on other machines which i have specified except computer ?

Is it wrong ?

Pankaj Gupta

Pankaj Gupta (Expert)
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05 September 2012 As per dep schedule the minimum dep to be charged on machinery is 15% which ranges to 100% depending upon the nature of such machine. Charging dep @ 10% is wrong.

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Querist : Anonymous

Querist : Anonymous (Querist)

06 September 2012 Thanx sir for your answer...

Pankaj Gupta

Pankaj Gupta (Expert)
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06 September 2012 You can thank the expert by clicking on the icon below his name.

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