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Depreciation

Tax queries 544 views 2 replies

Souvik Kumar Ghosh

CA Final

1368 Points Posted on 13 August 2011

Please tell me the depreciation rates for the following assets as per Income Tax Act:

1. Fan

2. Lorry

3. Fax Machine

Replies (2)

%$ anil ....article trainee

help ever fnd forever

204 Points Posted on 13 August 2011

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

William Peter.a

CA Final

179 Points Posted on 13 August 2011

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%