Whether Car & Machinery come under same block of assets?
This query is : Open
18 February 2011
A company has a Car on which 15% depreciation as per Income tax is charged. It also has a machinery in which it charges depreciation @ 15%.
As per Income tax act Car & Machinery, both are covered under main asset head of PLANT & MACHINERY.
So Whether both car & machinery will have to be merged togather for income tax depreciation purpose?
What will happen if the company sells off the Car?
As per Income tax act Car & Machinery, both are covered under main asset head of PLANT & MACHINERY.
So Whether both car & machinery will have to be merged togather for income tax depreciation purpose?
What will happen if the company sells off the Car?
Guest
Guest
(Expert)
18 February 2011
In my opinion, both will placed in separate block.
Message likes :
1 times
23 February 2011
Car does not form plant and machinery. It has to be listed under separate blocks. Mr. Moondra is right.
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