Depreciation IT Act
Vipul Acharya (Account Officer) (652 Points)
09 December 2019
What is the Rate of Depreciation as per IT Act on Electric Panel.
3 Replies
Shubham Gupta
(Business Consultants)
(2077 Points)
Replied 09 December 2019
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
Vipul Acharya
(Account Officer)
(652 Points)
Replied 09 December 2019
We are manufacturers of mobile accessories
and it is installed in our building only
and it is installed in our building only
Shivam RC
(Student)
(23683 Points)
Replied 14 December 2019
It will be categorised as Plant and Machinery and the Rate of Depreciation is 15%.
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