Depriciation rate
This query is : Resolved
04 March 2010
Industry have been purchased Cranes and enter them in vehicles account,I want to know the Depreciation rate as per Income Tax Law.
05 March 2010
First of all cranes should be put in machinery a/c and not vehicle a/c because cranes are not primarily used for transporting people or goods. The rate of depreciation is 15% on machinery as per Income Tax Act.
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