aditya sir,
pls provide depreciation chart
rajender singh (accunts executive) (109 Points)
29 March 2010aditya sir,
pls provide depreciation chart
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 29 March 2010
Depreciation as per income Tax Act
|
|
Block of Assets
|
Depreciation rates as % of W.D.V. A/Y 2006-2007 onwards |
|
I. Buildings [See Notes 1 to 4 below the Table] |
|
|
|
(1) |
Buildings which are used mainly for residential purposes except hotels and boarding houses |
5 |
|
(2) |
Building other than those used mainly for residential purposes and not covered by sub-items (1) above and (3) below |
10 |
|
(3) |
Building acquired on or after the 1st day of September, 2002 for installing machinery and plant forming part of water supply project or water treatment system and which is put to use for the purpose of business of providing infrastructure facilities under clause (i) of sub-section (4) of section 80-IA |
100 |
|
(4) |
Purely temporary erections such as wooden structures |
100 |
II. Furniture and Fittings
|
|
|
|
(1) |
Furniture and Fittings including electrical fittings [See Note 5 below the Table] |
10 |
III. Machinery and Plant
|
|
|
|
(1) |
Machinery and plant other than those covered by sub-items (2), (3) and (8) below |
15 |
|
(2) |
Motor cars, other than those used in a business of running them on hire, acquired or put to use on or after the 1st day of April, 1990 |
15 |
|
(3) (i) |
Aeroplanes – Aeroengines |
40 |
|
(ii) |
Motor buses, motor lorries and motor taxis used in a business of running them on hire |
30 |
|
(iii) |
Commercial vehicle which is acquired by the assessee on or after the 1st day of October, 1998, but before the 1st day of April, 1999 and is put to use for any period before the 1st day of April, 1999 for the purposes of business or profession in accordance with the third proviso to clause (ii) of sub-section (1) of section 32 [See Note 6 below the Table] |
40 |
|
(iv) |
New commercial vehicle which is acquired on or after the 1st day of October, 1998 but before the 1st day of April, 1999 in replacement of condemned vehicle of over 15 years of age and is put to use for any period before the 1st day of April, 1999 for the purposes of business or profession in accordance with the third proviso to clause (ii) of sub-section (1) of section 32 [See Note 6 below the Table] |
60 |
|
(v) |
New commercial vehicle which is acquired on or after the Ist day of April, 1999 but before the Ist day of April, 2000 in replacement of condemned vehicle of over 15 years of age and is put to use before the 1st day of April, 2000 for the purposes of business or profession in accordance with the second proviso to clause (ii) sub-section (1) of section 32 [See Note 6 below the Table] |
60 |
|
(vi) |
New commercial vehicle which is acquired on or after the 1st day of April, 2001 but before the 1st day of April, 2002 and is put to use before the 1st day of April, 2002 for the purposes of business or profession [See Note 6 below the Table] |
50 |
|
(vii) |
Moulds used in rubber and plastic goods factories |
30 |
|
(viii) |
Air Pollution control equipment being
(a) Electrostatic precipitation systems
(b) Felt-filter systems
(c) Dust collector systems
(d) Scrubber-counter current/venturi/packed-bed/cyclonic scrubbers
(e) Ash handling system and evacuation being |
100
|
|
(ix) |
Water pollution control equipment being
(a) Mechanical screen systems
(b) Aerated detritus chambers (including air compressor)
(c) Mechanically skimmed oil and grease removal systems
(d) Chemical feed systems and flaash mixing equipment
(e) Mechanical flocculators and mechanical reactors
(f) Diffused air/mechanically aerated activated sludge systems
(g) Aerated lagoon systems
(h) Biofilters (i) Methane-recovery anaerobic digester systems
(j) Air floatation systems (k) Air/steam stripping systems
(l) Urea hydrolysis systems (m) Marine outfall systems
(n) Centrifuge for dewatering sludge (o) Rotating biological contractor or bio-disc
(p) Ion exchange resin column (q) Activated carbon column |
100 |
|
(x) |
(a) Solidwaste control equipments, being- caustic/lime/chrome/mineral/crinoline recovery system
(b) Solidwaste recycling and resource recovery systems |
100
|
|
(xi)
|
Machinery and plant used in semi-conductor industry converting all integrated circuits (ICs) (excluding hybrid integrated circuits) ranging from small scale integration (SSI) to large scale integration/very large scale integration (LSI/VLSI) as also discrete semi-conductor devices such as diodes, transistors, thyristors, triacs, etc.) other than those covered by entries (viii), (ix) and (x) of this sub-item and sub-item (8) below |
30 |
|
(xia) |
Life saving medical equipment, being-
(a) D.C. Defibrillators for internal use and pace makers
(b) Haemodialysors
(c) Heart lung machine
(d) Cobalt Therapy Unit
(e) Colour Doppler
(f) SPECT Gamma Camera
(g) Vascular Angiography System including Digital subtraction Angiography
(h) Ventilator used with anesthesia apparatus
(i) Magnetic Resonance Imaging System
(j) Surgical Laser
(k) Ventilators other than those used with anesthesia
(l) Gamma knife
(m) Bone Marrow Transplant Equipment including silastic long standing intravenous catheters for chemotherapy
(n) Fibreoptic endoscopes including Pediatric resectoscope/audit resectoscope, Peritoneoscopes, Arthroscopy, Micro-laryngoscope, Fibreoptic Flexible Nasal Pharyngo Bronchoscope, Fibreoptic Flexible Laryngo Bronchoscope, Video Laryngo Bronchoscope and Video Oesophago Gastro-scope, Stroboscope, Fibreoptic Flexible Oesophago Gastro-scope
(o) Laparoscope (single incision) |
40 |
|
(4) |
Containers made of glass or plastic used as re-fills |
50 |
|
(5) |
Computers including computer software [See note 7 below the Table] |
60 |
|
(6) |
Machinery and plant, used in weaving, processing and garment sector of textile industry, which is purchased under TUFS on or after the 1st day of April, 2001 but before the 1st day of April, 2004 and is put to use before the 1st day of April, 2004 [See Note 8 below the Table] |
50 |
|
(7) |
Machinery and plant, acquired and installed on or after the 1st day of September, 2002 in a water supply project or a water treatment system and which is put to use for the purpose of business of providing infrastructure facility under clause (i) of sub-section (4) of section 80-IA [See Notes 4 and 9 below the Table] |
100 |
|
(8) (i) |
Wooden parts used in artificial silk manufacturing machinery |
100 |
|
(ii) |
Cinematograph films-bulbs of studio lights |
100 |
|
(iii) |
Match factories-Wooden match frames |
100 |
|
(iv) |
Mines and quarries
(a) Tubs, winding ropes, haulage rope and sand stowing pipes
(b) Safety lamps |
100 |
|
(v) |
Salt works-Salt pans, reservoirs and condensers, etc., made of earthy, sand or clayey material or any other similar material |
100 |
|
(vi) |
Flour Mills-Rollers |
80 |
|
(vii) |
Iron and Steel industry-Rolling mill rolls |
80 |
|
(viii) |
Sugar Works-Rollers |
80 |
|
(ix) |
Energy saving devices being- |
|
|
A. |
Specialised boilers and furnaces;
(a) Ignifluid/fluidized bed boilers
(b) Flameless furnaces and continuous pusher type furnaces
(c) Fluidized bed type hear treatment furnaces
(d) High efficiency boilers (thermal efficiency higher than 75 per cent in case of coal fired and 80 per cent in case of oil/gas fired boilers |
80 |
|
B. |
Instrumentation and monitoring system energy flows;
(a) Automatic electrical load monitoring systems
(b) Digital heat loss meters
(c) Micro-processor based control systems
(d) Infra-red thermograph
(e) Meters for measuring heat losses, furnace oil flow, stream flow, electric energy and power factor meters
(f) Maximum demand indicator and clamp on power meters
(g) Exhaust gases analyzer
(h) Fuel oil pump test bench |
80
|
|
C. |
Waste heat recovery equipments;
(a) Economisers and feed water heaters
(b) Recuperators and air pre-heaters
(c) Head pumps
(d) Thermal energy wheel for high and low temperature waste heat recovery |
80
|
|
D. |
Co-Generation systems;
(a) Back pressure pass out, controlled extraction, extraction-cum- condensing turbines for co-generation along with pressure boilers
(b) Vapour absorption refrigeration systems
(c) Organic rankine cycle power systems
(d) Low inlet pressure small steam turbines |
80 |
|
E. |
Electrical equipments
(a) Shunt capacitors and synchronous condenser systems
(b) Automatic power cut off devices (relays) mounted on individual motors
(c) Automatic voltage controller
(d) Power factor controller for AC Motors
(e) Solid state devices for controlling motor speeds
(f) Thermally energy-efficient stenters (which require 800 or less kilocalories of heat to evaporate one kilogram of water)
(g) Series compensation equipment
(h) Flexible AC Transmission (FACT) devices- Thyristor controlled series compensation equipment
(i) Time of Day (TOD) energy meters
(j) Equipment to establish transmission highways for National Power Grid to facilitate transfer of surplus power of one region to the deficient region
(k) Remove terminal units/intelligent electronic devices, computer hardware/software, router/bridges, other required equipment and associated communication systems for supervisory control and data acquisition systems, energy management systems and distribution management systems for power transmission systems
(l) Special energy meters for Availability Based Tariff (ABT) |
80
|
|
F. |
Burners;
(a) 0 to 10 per cent excess air burners
(b) Emulsion burners
(c) Burners using air with high pre-heat temperature (above 300’ C) |
80 |
|
G. |
Other equipment;
(a) Wet air oxidation equipment for recovery of chemicals and heat
(b) Mechanical vapour re-compressors
(c) Thin film evaporators
(d) Automatic micro-processor based load demand controllers
(e) Coal based producer gas plants
(f) Fluid drives and fluid couplings
(g) Turbo Charges/super charges
(h) Sealed radiation sources for radiation processing plants |
80 |
|
(x) |
Gas cylinders including valves and regulators |
60 |
|
(xi) |
Glass manufacturing concerns – Direct fire glass melting furnaces |
60 |
|
(xii) |
Mineral Oil concerns
(a) Plant used in field operations (above ground), distribution-Returnable
(b) Plant used in field operations (below ground), but not including kerbside pumps including underground tanks and fitting used in field operations (distribution) by mineral oil concerns |
60 |
|
(xii) |
Renewal energy devices being-
(a) Flat plate solar collectors
(b) Concentrating and pipe type solar collectors
(c) Solar Cookers
(d) Solar water heaters and systems
(e) Air/gas fluid heating systems
(f) Solar crop driers and systems
(g) Solar refrigeration, cold storages and air-conditioning systems
(h) Solar power generating systems
(i) Solar power generating systems
(j) Solar pumps based on solar-thermal and solar photovoltaic conversion
(k) Solar photovoltaic modules and panels for water pumping and other applications
(l) Wind mills and any specially designed devices which run on wind mills
(m) Any special devices including electric generators and pumps running on wind energy
(n) Bio-gas plant and bio-gas engines
(o) Electrically operated vehicles including battery powered or fuel-cell powered vehicles
(p) Agricultural and municipal waste conversion devices producing energy
(q) Equipment for utilising ocean waste and thermal energy
(r) Machinery and plant used in the manufacture of any of the above sub-items |
80
|
|
9 (i) |
Books owned by assessees carrying on a profession
(a) Books, being annual publications
(b) Books, other than those covered by entry (a) above |
100
60 |
|
(ii) |
Books owned by assessees carrying on business in running lending libraries |
100 |
IV. Ships
|
|
|
|
(1) |
Ocean-going ships including dredgers, tugs, barges, survey launches and other similar ships used mainly for dredging purposes and fishing vessels with wooden hull |
20 |
|
(2) |
Vessels ordinarily operating on inland waters, not covered by sub-item (3) below |
20 |
|
(3) |
Vessels ordinarily operating on inland waters being speed boats (see Note 10 below the Table) |
20 |
PART B
|
|
Know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature |
25 |
25 |
1. “Buildings” include roads, bridges, culverts, wells and tube-wells
2. A building shall be deemed to be a building used mainly for residential purposes, if the built-up floor area thereof used for residential purposes is not less than sixty-six and two their per cent of its total built up floor area and shall include any such building in the factory premises.
3. In respect of any structure or work by way of renovation or improvement in or in relation to a building referred to in Explanation 1 of clause (ii) of sub-item (1) of section 32, the percentage to be applied will be the percentage specified against sub-item (1) or (2) of item I as may be appropriate to the class of building in or in relation to which the renovation or improvement is effected. Where the structure is constructed or the work is done by way of extension of any such building, the percentage to be applied would be such percentage as would be appropriate, as if the structure or work constituted a separate building.
4. Water treatment system includes system for desalinisation, demineralisation and purification of water.
5. “Electrical fittings” include electrical wiring, switches, sockets, other fittings and fans, etc.
6. “Commercial vehicle” means “heavy goods vehicle”, heavy passenger motor vehicle”, “light motor vehicle”, “Medium goods vehicle” and “medium passenger motor vehicle” but does not include “maxi-cab”, “motor-cab”, “tractor” and “road-roller”. The expressions “heavy goods vehicle”, “heavy passenger motor vehicle”, “light motor vehicle”, “medium passenger motor vehicle”, “maxi-cab”, “tractor” and “road-roller” shall have the meanings respectively as assigned to them in section 2 of the Motor Vehicles Act, 1988]
7. “Computer software” means any computer programmed recorded on any disc, tape, perforated media or other information storage device.
8. “TUFS” means Technology Up-gradation Fund Scheme announced by the Government of India in the form of a Resolution of the Ministry of Textiles vide No. 28/1/99-CTI of 31-3-1999.
9. Machinery and plant includes pipes needed for delivery from the source of supply of raw water to the plant and from the plant to the storage facility.
10. “Speed boat” means a motor boat driven by a high speed internal combustion engine capable of propelling the boat at a speed exceeding 24 kilometers per hour in still water and so designed that when running at a speed, it will rise from the water.
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 29 March 2010
Section 205 of the Companies Act, 1956, prescribes the methods of charging depreciation. The relevant extracts thereof are as follows:
“(2) … depreciation shall be provided either-
(a) to the extent specified in section 350; or
(b) in respect of each item of depreciable asset, for such an amount as is arrived at by dividing ninety five percent of the original cost thereof to the company by the specified period in respect of such asset; or
(c) on any other basis approved b y the Central Government which has
the effect of writing off by way of depreciation ninety five per cent of the original cost to the company of each such depreciable asset on the expiry of the specified period; or(d) as regards any other depreciable, asset for which no rate of depreciation has been laid down by this Act or rules made thereunder, on such basis as may be approved by the Central Government by the general order published in the Official Gazette or by any special order in any particular case:
Provided that where depreciation is provided for in the, manner laid down in clause (b) or clause (c), then, in the event of the depreciable asset being sold, discarded, demolished or destroyed the written down value thereof at the end of the financial year in which the asset is sold, discarded, demolished or destroyed, shall be written off in accordance with the proviso to section 350.
………..
(5) ‘Specified period’ in respect of any depreciable asset shall mean the number of years at the end of which at least ninety-five per cent of the original cost of the asset to the company will have been provided for by way of depreciation if depreciation were to be calculated in accordance with the provisions of section 350.
We are producing below the Rates of depreciation under the Companies Act as mentioned in Schedule XIV
schedule xiv
[See sections 205 and 350]
Rates of depreciation
Nature of assets Single Shift Double Shift Triple Shift WDV SLM WDV SLM WDV SLM 1 2 3 4 5 6 7 I. (a) BUILDINGS (other than factory buildings) [NESD] 5% 1.63% ….. ….. ….. ….. (b) FACTORY BUILDINGS 10%. 3.34% ….. ….. ….. ….. (c) PURELY TEMPORARY ERECTIONS such as wooden structures 100% 100% ….. ….. ….. ….. II. PLANT AND MACHINERY 1[(i) General rate applicable to,— (a) plant and machinery (not being a ship) other than continuous process plant for which no special rate has been prescribed under (ii) below 13.91% 4.75% 20.87% 7.42% 27.82% 10.34% (b) continuous process plant, 2[* * *] for which no special rate has been prescribed under (ii) below [NESD] 15.33% 5.28% ….. ….. ….. …..] (ii) Special rates A.1.Cinematograph films – Machinery used in the production and exhibition of cinematograph films [NESD] 20% 7.07% ….. ….. ….. ….. (a) Recording equipment, reproducing equipment, developing machines, printing machines, editing machines, synchronisers and studio lights except bulbs (b) Projecting equipment of film exhibiting concerns 2. Cycles [NESD] 3[3. Electrical machinery, X-ray and electro-therapeutic apparatus and accessories thereto, medical, diagnostic equipments, namely, cat-scan, ultrasound machines, ECG monitors, etc. [NESD] 20% 7.07% ….. ….. ….. ….. 4. Juice boiling pans (karhais) [NESD] 20% 7.07% ….. ….. ….. ….. 5. Motor-cars, motor-cycles, scooters and other mopeds [NESD] 25.89% 9.5% ….. ….. ….. ….. 6. Electrically operated vehicles including battery powered or fuel cell powered vehicles [NESD] 20% 7.07% ….. ….. ….. ….. 7. Sugarcane crushers (indigenous kolhus and belans) [NESD] 20% 7.07% ….. ….. ….. ….. 8. Glass manufacturing concerns except direct fire glass melting furnaces – Recuperative and regenerative glass melting furnaces 20% 7.07% 30% 11.31% 40% 16.21% 9. Machinery used in the manufacture of electronic goods and components 15.62% 5.38% 23.42% 8.46% 31.23% 11.87%] B. 1. 4[Aeroplanes, aero engines, simulators, visual system and quick engine change equipment [NESD] 16.2% 5.6%] 2. Concrete pipes manufacture—Moulds [NESD] 30% 11.31% ….. ….. ….. ….. 3. Drum containers manufacture—Moulds [NESD] 4. Earth-moving machinery employed in heavy construction works, such as dams, tunnels, canals, etc. [NESD] 5. Glass manufacturing concerns except direct fire glass melting furnaces—Moulds [NESD] 6. Moulds in iron foundries [NESD] 7. Mineral oil concerns—Field operations (above ground)—Portable boilers, drilling tools, well-head tanks, rigs, etc. [NESD] 8. Mines and quarries—Portable underground machinery and earth-moving machinery used in open cast mining [NESD] 9. Motor buses and motor lorries other than those used in a business of running them on hire [NESD] 9A. Motor tractors, harvesting combines [NESD] 10. Patterns, dies and templates [NESD] 11. Ropeway structures—Ropeways, ropes and trestle sheaves and connected parts [NESD] 12. Shoe and other leather goods fabrics—Wooden lasts used in the manufacture of shoes 30% 11.31% 45% 18.96% 60% 29.05% C. 1. 5[** ** **] 2. Motor buses, motor lorries and motor taxis used in a business of running them on hire [NESD] 40% 16.21% ….. ….. ….. ….. 3. Rubber and plastic goods factories—Moulds [NESD] 4. Data processing machines including computers [NESD] 40% 16.21% ….. ….. ….. ….. 5. Gas cylinders including valves and regulators [NESD] D. 1. Artificial silk manufacturing machinery with wooden parts 100% 100% ….. ….. ….. ….. 2. Cinematograph films—Bulbs of studio lights 3. Flour mills—Rollers 4. Glass manufacturing concerns—Direct fire glass melting furnaces 4A. Flot Glass Melting Furnaces (NESD) 27% 10% ….. ….. ….. ….. 5. Iron and Steel industries—Rolling mill rolls 100% 100% ….. ….. ….. ….. 6. Match factories—Wooden match frames 7. Mineral oil concerns—(a) Plant used in field operations (below ground)—Distribution – returnable packages; (b) Plant used in field operations (below ground) but not including assets used in field operations (distribution)—Kerbside pumps including underground tanks and fittings 8. Mines and quarries— (a) Tubs, winding ropes, haulage ropes and sand stowing pipes (b) Safety lamps 9. Salt works—Salt pans, reservoirs and condensers, etc., made of earthy, sandy or clay material or any other similar material 10. Sugar works—Rollers III. FURNITURE AND FITTINGS 6[1. General Rates [NESD] 18.1% 6.33% ….. ….. ….. ….. 2. Rate for furniture and fittings used in hotels, restaurants and boarding houses; schools, colleges and other education al institutions, libraries; welfare centres; meeting halls, cinema houses; theatres and circuses; and for furniture and fittings let out on hire for use on the occasion of marriages and similar functions [NESD] IV. SHIPS 1. Ocean-going ships— 25.88% 9.5% ….. ….. ….. ….. (i) Fishing vessels with wooden hull [NESD] (ii) Dredgers, tugs, barges, survey launches and other similar ships used mainly for dredging purposes [NESD] 27.05% 10% ….. ….. ….. ….. (iii) Other ships [NESD] 19.8% 7% ….. ….. ….. ….. 2. Vessels ordinarily operating on inland waters— 14.6% 5% ….. ….. ….. ….. (i) Speed boats [NESD] (ii) Other vessels [NESD] WDV means written down value 20% 7.07% ….. ….. ….. ….. SLM means straight line method 10% 3.34% ….. ….. ….. ….. NOTES
1. “Buildings” include roads, bridges, culverts, wells and tube-wells.
2. “Factory buildings” does not include offices, godowns, officers’ and employees’ quarters, roads, bridges, culverts, wells and tube-wells.
3. “Speed boat” means a motor boat driven by a high speed internal combustion engine capable of propelling the boat at a speed exceeding 24 kilometres per hour in still water and so designed that when running at a speed it will plane, i.e., its bow will rise from the water.
4. Where, during any financial year, any addition has been made to any asset, or where any asset has been sold, discarded, demolished or destroyed, the depreciation on such assets shall be calculated on a pro rata basis from the date of such addition or, as the case may be, up to the date on which such asset has been sold, discarded, demolished or destroyed.
5. The following information should also be disclosed in the accounts:
(i) depreciation methods used; and
(ii) depreciation rates or the useful lives of the assets, if they are different from the principal rates specified in the Schedule.
6. The calculations of the extra depreciation for double shift working and for triple shift working shall be made separately in the proportion while the number of days for which the concern worked double shift or triple shift, as the case may be, bears to the normal number of working days during the year. For this purpose, the normal number of working days during the year shall be deemed to be—
(a) in the case of a seasonal factory or concern, the number of days on which the factory or concern actually worked during the year or 180 days, whichever is greater;
(b) in any other case, the number of days on which the factory or concern actually worked during the year or 240 days, whichever is greater.
The extra shift depreciation shall not be charged in respect of any item of machinery or plant which has been specifically, excepted by inscripttion of the letters “NESD” (meaning “no extra shift depreciation”) against it in sub-items above and also in respect of the following items of machinery and plant to which the general rate of depreciation of 7[13.91] per cent applies—
(1) Accounting machines.
(2) Air-conditioning machinery including room air-conditioners.
(3) Building contractor’s machinery.
(4) Calculating machines.
(5) Electrical machinery—switchgear and instruments, transformers and other stationary plant and wiring and fitting of electric light and fan installations.
(6) Hydraulic works, pipelines and sluices.
(7) Locomotives, rolling stocks, tramways and railways used by concerns, excluding railway concerns.
(8) Mineral oil concerns—field operations:
(a) 8[* * *]
(b) Prime movers
(c) 8[* * *]
(d) Storage tanks (above ground)
(e) Pipelines (above ground)
(f) Jetties and dry docks
(9) Mineral oil concerns—field operations (distribution)—kerbside pumps, including underground tanks and fittings.
(10) Mineral oil concerns—refineries :
(a) 9[* * *]
(b) Prime movers
(c) 9[* * *]
10 [(d) LPG Plant]
(11) Mines and quarries :
(a) Surface and underground machinery (other than electrical machinery and portable underground machinery)
(b) Head-gears
(c) Rails
(d) 9[* * *]
(e) Shafts and inclines
(f) Tramways on the surface
(12) Neo-post franking machines.
(13) Office machinery.
(14) Overhead cables and wires.
(15) Railway sidings.
(16) Refrigeration plant container, etc. (other than racks).
(17) Ropeway structures :
(a) Trestle and station steel work.
(b) Driving and tension gearing.
(18) Salt works—Reservoirs, condensers, salt pans, delivery channels and piers if constructed of masonry, concrete, cement, asphalt or similar materials; barges and floating plant; piers, quays and jetties; and pipelines for conveying brine if constructed of masonry, concrete, cement, asphalt or similar materials.
(19) Surgical instruments.
(20) Tramways electric and tramways run by internal combustion engines—permanent way: cars—car trucks, car bodies, electrical equipment and motors; tram cars including engines and gears.
(21) Typewriters.
(22) Weighing machines.
(23) Wireless apparatus and gear, wireless appliances and accessories.]
(24) 11[* * *]
12 [7. ‘Continuous process plant’ means a plant which is required and designed to operate 24 hours a day.
8. Notwithstanding anything mentioned in this Schedule, depreciation on assets, whose actual cost does not exceed five thousand rupees, shall be provided at the rate of hundred per cent:]
13[Provided that where the aggregate actual cost of individual items of plant and machinery costing Rs. 5,000 or less constitutes more than 10 per cent of the total actual cost of plant and machinery, rates of depreciation applicable to such items shall be the rates as specified in Item II of the Schedule.]
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 29 March 2010
Hope u get the desired Information.
keep smiling...
regards,
ratan
rajender singh
(accunts executive)
(109 Points)
Replied 29 March 2010
pls clearify the block of following items
,a.c.,cctv,fan ,fire extinguisher,Generator set, office equipment,Refigerator,water motor, Water tank
jignesh l bhatia
(CA)
(78 Points)
Replied 12 October 2010
As per Income Tax Act 1961,
A/c,CCTV,Fan,& Office Equipments ,Refrigerator are covered under Plant & Machinery block :15%
Not sure about generator but may be covered under the block of 80% Depreciation
amarendra pattanayak
(senior audit officer)
(22 Points)
Replied 14 December 2010
Is there difference of rate of depreciation applicable to aeroplanes and aeroengines under the Income Tax Act?
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