Depreciation Rate as per Income Tax Act

Save Share

This query is : Resolved

Pawan Patil (Querist)

19 March 2008
Respected Sir,

I want know Rate of depreciation as per
Income Tax Act

Plant & Machinery
Furniture & Fixture
Air Conditioner
Electric Installation
Motor Cycle
Office Equipment
Fax Machine
Water Cooler

Your immediate responce will be highly appreciated

With best regards,

Vilas Choudhari

Pandiri Ramu

Pandiri Ramu (Expert)

19 March 2008 Plant & Machinery 15%
Furniture & Fixture 10%
Air Conditioner 10% (Furniture)
Electric Installation 15%
Motor Cycle 15%
Office Equipment 15%
Fax Machine 15% (Office Equipment)
Water Cooler 10% (Furniture)

Please look at Brackets which is taken under the head.

please let me know if you have any doughts,

Message likes : 6 times

Gayathri Devi

Gayathri Devi (Expert)

19 March 2008 P & M - 15%
F & F - 10%
A.C, Electric,office equipment,fax machine & water cooler at 10% because all are electrical firrings
Motor cycle at 15%
If the value of aset is less than Rs.5000 we can claim 100% depriciation as per sec.32 of income tax act,1956

Message likes : 4 times

CA. Amit Daga

CA. Amit Daga (Expert)

19 March 2008 As Well as i want to add one more point in the gayathri note..if company feel any other amount except than Rs.5000 which is negligable amount.They can take that amount and provide depreciation at 100%.Its depend on the company size

Message likes : 3 times

CA. Amit Daga

CA. Amit Daga (Expert)

19 March 2008 I mean to say more than Rs.5000 like to say VSNL Feel Rs.5 lacs is negligable for them and they will be satisfied to the auditore.Because there fixed assets costings are like 100 to 150 crores so they are negligible..So in the same year they can write off

Jitender Garg

Jitender Garg (Expert)

19 March 2008 KAKA Amit Rs.5000 walw point is as per company act & Ques of Mr.Vilas is Depreciation rate as per Income Tax Act & depreciation is calculate on Block of assets.
This is Club Of CA's

CA Praveen Chopra

CA Praveen Chopra (Expert)

19 March 2008 Mr.Jitendra is correct

CA. Amit Daga

CA. Amit Daga (Expert)

19 March 2008 Ya i agreed with them he is correct thats from companies act point of view.. i forget and thanks for reminding me and correcting me

Message likes : 3 times

shanti prakash

shanti prakash (Expert)

20 March 2008 i want to tell that electrical fitting is included in furniture and fitting only so depreciation on electrical instalation should be depreciated at 10%.
also i like the way ca amit had accepted his mistake,i really appreciate that.

Message likes : 1 times

Rakesh

Rakesh (Expert)

24 March 2008 Plase take Ready racknor or Income Tax Act with Additionl deprecation Normal Rates are as under:
Plant & Machinery 15%
Furniture & Fixture 10%
Air Conditioner 10% (Furniture)
Electric Installation 15%
Motor Cycle 15%
Office Equipment 15%
Fax Machine 15% (Office Equipment)
Water Cooler 10% (Furniture)

Message likes : 2 times

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