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Depreciation rates
Is depreciation applicable for school uniforms and stationery items? Is yes, what is the rate of depreciation?
Replies (1)
as per IT act, the asset in respect of which depreciation is claimed must belong to the following categories,
1. buildings, machinery, plant or furniture, being tangible assets;
2. know -how, parents, copyrights, trademark, license, etc., being intangible assets
NO DEPRECIATION FOR ANY OTHER CAPITAL ASSETS
- the term 'plant' as defined in section 43(3) includes books, vehicles, scientific apparatus and surgical equipments.
for further information please reply
1. buildings, machinery, plant or furniture, being tangible assets;
2. know -how, parents, copyrights, trademark, license, etc., being intangible assets
NO DEPRECIATION FOR ANY OTHER CAPITAL ASSETS
- the term 'plant' as defined in section 43(3) includes books, vehicles, scientific apparatus and surgical equipments.
for further information please reply
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