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Depreciation under the income tax act , 1961

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Ramesh Damani

GM - Finance and Accounts

21 Points Joined February 2017

Fire Fighting equipments and systems - Under which block is this covered and can we claim 100% in the year of purchase since these are of no usage to production

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Guest

The expressions Assets and Blocks of Assets w.e.f. 1-4-1999 shall mean a group of assets falling within a class of assets comprising:–

a. Tangible Assets being buildings, machinery, plant or furniture;

b. Intangible Assets being knowhow, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature; in respect of which same percentage of depreciations is prescribed.

Refer sec 32 of IT ACT 1961