Depreciation rate on air compressor
Veenu Kumawat (2 Points)
21 August 2020
what is the rate of depreciation on air compressor to fill Plastic bags as per income tax act.
3 Replies
Ravi SADhiyan
(Practice)
(4510 Points)
Replied 21 August 2020
| Originally posted by : Veenu Kumawat | ||
 |
what is the rate of depreciation on air compressor to fill Plastic bags as per income tax act. |  |
15 % as Normal for Plant and Machinery
GNYANA UPANISHAD
(156 Points)
Replied 22 August 2020
Depreciation rate for plant and machinery ( residuary categery ) is 15 % .since this air compressor falls on others categery this is qualified for 15 % depreciation.
with regarding to additional depreciation
if an assesee acquires and put to use a new plant and machinery for production or manufacturing of article or thing ,then assesee qualifies for additional depreciation. But that p&m should be new, should not be used for residential purpose,should not be used as office appliance, shouldnot be used for personal purpose, shouldnot be motor vehicles, shouldnot be an aeroplane and ship.
if that investment in p& m is made in notified backward areas in specified states of Andhra, westbengal, Bihar and telangana then assessee is entitled to add dep of 35%
others - 20 %
with regarding to additional depreciation
if an assesee acquires and put to use a new plant and machinery for production or manufacturing of article or thing ,then assesee qualifies for additional depreciation. But that p&m should be new, should not be used for residential purpose,should not be used as office appliance, shouldnot be used for personal purpose, shouldnot be motor vehicles, shouldnot be an aeroplane and ship.
if that investment in p& m is made in notified backward areas in specified states of Andhra, westbengal, Bihar and telangana then assessee is entitled to add dep of 35%
others - 20 %
CA Rashmi Gandhi
(Chartered Accountant)
(86469 Points)
Replied 30 January 2021
https://www.incometaxindia.gov.in/Charts%20%20Tables/Depreciation%20rates.htm
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