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Depreciation rates- Tank pump
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
Replies (4)
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.
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.
Thank you so much
Your welcome
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