Depreciation rates

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 August 2012 Any one can suggest me the depreciation rates applicable on the following items:
1.Fire Extinguisher
2.Hookah
3.Utensiles
4.Musical Instruments

As per Income tax & Companies Act also.......

Amol S Joglekar

Amol S Joglekar (Expert)
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21 August 2012 The type of industry or business is taken into account for deciding the class/group of fixed asset. Prima facie...assuming it to be a CATERER, it can go to plant and machinery.

Querist : Anonymous

Querist : Anonymous (Querist)

22 August 2012 Thank you Mr.Anol S.Joglekar ji........

Querist : Anonymous

Querist : Anonymous (Querist)

22 August 2012 The nature of Business is Restaurant......

Amol S Joglekar

Amol S Joglekar (Expert)
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22 August 2012 As said, it is plant and machinery.

Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2012 Thanks............................