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Depreciation IT Act
What is the Rate of Depreciation as per IT Act on Electric Panel.
Replies (3)
15%, considering electric panel is part of machinery
The general rate of depreciation for machinery is 15%. Moreover, additional depreciation of 20% is available in the first year for the business involved in power generation, distribution and, industrial undertaking
We are manufacturers of mobile accessories
and it is installed in our building only
and it is installed in our building only
It will be categorised as Plant and Machinery and the Rate of Depreciation is 15%.
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