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Depreciation rate for fire fighting equipment
Under which class of asset will fire fighting equipment will be classified and what will be the applicable depreciation rate?
Replies (5)
Quick Summary
I think it would be classified as plant & machinery with a rate of depreciation @ 15% as per income tax act.
It will be treated as plant and machinery @ 15% depreciation
Agreed
Thank you
15% in Income Tax Act, 1961
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