Depreciation u/s 32 of i.t act.
This query is : Open
CA Sanjay Baheti
(Querist)
26 April 2012
Please let me know the rate of Depreciation on CCTV Camera & Television if the same is installed/held within Factory Premises & used for Business Purposes as per section 32 of I.T. Act. Moreover in which Block of Asset the same are to be classified for I.T. Purposes.
Mihir Doshi
(Expert)
26 April 2012
Under plant & machinery @ 15%
CA Kishore Tallam
(Expert)
26 April 2012
As per accounts, under Office equipment. However for IT, it will fall under P&M only.
CA PARTH SHAH
(Expert)
27 August 2012
According to me cctv camera must be attached with a computer, so it can be charged at 60% dep as per income tax
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