Depreciation rate for fire fighting equipment

22 June 2021

Under which class of asset will fire fighting equipment will be classified and what will be the applicable depreciation rate?

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5 Replies

CMA Poornima Madhava (CMA) (13097 Points)
Replied 22 June 2021

I think it would be classified as plant & machinery with a rate of depreciation @ 15% as per income tax act.

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 22 June 2021

It will be treated as plant and machinery @ 15% depreciation

Lotus Agrawal (Practice) (1356 Points)
Replied 24 June 2021

Agreed

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 24 July 2021

Thank you

Shivang Gupta (Student) (24 Points)
Replied 25 September 2021

15% in Income Tax Act, 1961

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