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Depreciation

chandra sekar (Manager-Accounts) (387 Points)

27 August 2013

Please let me know the depreciation rates for the following items, as per IT Act, for a partnership firm and proprietorship concern:

1.Compressor ( Under which category)

2.Electrical Panel (Under which category)

3.Transformer (Under which category_

4.Tools used in Granite induatries(Under which category)

V.P.Chandra Sekar

manager-accounts,

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5 Replies

Devendra (Chartered Accountant) (4775 Points)
Replied 27 August 2013

15% on all above assets as per Income Tax Act, 1961

CA BHAVESH MEHTA (self employed) (67 Points)
Replied 27 August 2013

This will come under the head of plant and machinery and Depreciation rate applicable is 15% , you are also required to check the date of purchase for Number of days calculation

Ramanuj (Accountant.) (834 Points)
Replied 27 August 2013

ALL ASSETS IS COME UNDER PLANT & MACHINERY . IT HAS DEPRECIATION RATE 15 % AS PER INCOME TAX ACT. CHECK THE DATE OF PURCHASED.

Nagendra PGupta (CA-CS & CMA) (91 Points)
Replied 27 August 2013

Hi,

All the above assets come under the block-Plant & Machinery. The rate of depn. is 15% as per Income Tax Act . You should also try the date of purchase for days calcualation for taking the actual depn. calculated & taken into consideration in books.

Regards