Dear Friends,
What is the rate of depreciation to be charged on Electrical Installations is a matter of discussion?
Please submit your views on the rate to be applied for claiming Depreciation on Electrical Installations.
Whether, we shall treat it as P&M and apply 15%
or
Whether it forms part of Electrical Fittings and the rate to be apllied be 10%?
Furniture & fixtures is defined in appendix I of the income tax rules as "Furniture and fittings including electrical fittings [See Note 5 below this Table]" Note 5 reads as 5. “Electrical fittings” include electrical wiring, switches, sockets, other fittings and fans, etc.
Hence the same will be classified under furniture & fixtures and liable for depreciation @ 10%.
No other view is possible i guess.
| Originally posted by :CA Shailesh +91 9393 92 6464 | ||
| " | Dear Friends, What is the rate of depreciation to be charged on Electrical Installations is a matter of discussion? Please submit your views on the rate to be applied for claiming Depreciation on Electrical Installations. Whether, we shall treat it as P&M and apply 15% or Whether it forms part of Electrical Fittings and the rate to be apllied be 10%? |
" |
only 10% can be claimed for that
10% is the possible dep. rate as it comes under furniture and fittings
Electrical fittings fall under the block of furniture & fixtures hence 10% depreciation is to be charged.
R P S K & Associates
Nashik
CA Inter
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