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Depreciation rate for fire fighting equipment

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59 Points Posted on 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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On 22 June 2021 at 15:41 Report
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Quick Summary
Fire fighting equipment is classified as plant and machinery and depreciation is allowed at 15 percent under the Income Tax Act.

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CMA
13117 Points Posted on 22 June 2021

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

92 Reply
On 22 June 2021 at 15:50
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Chartered Accountant
24588 Points Posted on 22 June 2021
It will be treated as plant and machinery @ 15% depreciation
129 Reply
On 22 June 2021 at 17:11
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Practice
1361 Points Posted on 24 June 2021
Agreed
2 Reply
On 24 June 2021 at 00:04
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Chartered Accountant
24588 Points Posted on 24 July 2021
Thank you
129 Reply
On 24 July 2021 at 09:58
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Student
24 Points Posted on 25 September 2021

15% in Income Tax Act, 1961

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On 25 September 2021 at 13:53


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