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Depreciation rates- Tank pump

Kowsalya kanagaraj (BCom) (112 Points)

30 April 2021  
Can anyone pls help me in this - What is the depreciation rate for tank and Pump as per income tax act It is used in a association

 3 Replies

Sourav (Student) (23870 Points)
Replied 30 April 2021

For pump depreciation rate is 15%.
Depreciation on storage tanks - @ 10% or 15% - building or plant and Machinery - the same falls within definition of a “plants” which has been used by the assessee in the business of hiring them for storage petroleum products.
1 Like

Kowsalya kanagaraj (BCom) (112 Points)
Replied 30 April 2021

Thank you so much

Sourav (Student) (23870 Points)
Replied 30 April 2021

Your welcome

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