Depreciation rate

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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)

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)

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)

06 September 2012 You can thank the expert by clicking on the icon below his name.

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