Depreciation

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,

Replies (5)

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

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

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

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

under the plant & machinery

15% as per  income tax act

 

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