Please tell me the depreciation rates for the following assets as per Income Tax Act:
1. Fan
2. Lorry
3. Fax Machine
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Depreciation
Replies (2)
1. Fan is cmng under furniture so rate is @ 10%
2. 30%
3. 60%
al d two r correct nd i have sme doubt on it like if u treat fax machine as computersoftware the rate is 60% OR if u treat it as a furniture then d depriation wil be 10%.....nw d decision is urs hw wil u treat al
1.FAN-10% (Furniture & Fittings)
2. Lorry -30%
New commercial vehicle acquired on or after 1.4.1999 but before 1.4.2000 in replacement of condemned vehicle of over 15 years of age and is put to use before 1.4.2000 for the purpose of business or profession.-60%
3.Fax Machine -15% (Office Equipment)
if fax machine is treated as computer software then dep will be -60%
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