Menu
Income Tax Block
Is crokery part of plant &machinery or furniture &fixtures for the purpose of depreciation?
Replies (1)
1. If you are running restaurant then it will form part of Plant and Machinery and the rate of depreciation will be 15%.
2. In other cases, it will not be considered as a capital asset and should be written off as revenue expenditure as soon as it is incurred.
Please correct me if the above solution has an alternative view.
Recent Topics :
- On which amount 200% penalty under section 270A is
- RECEIVED INTIMATION U/S 399 FOR TDS PAYMENT ON PRO
- How do CA firms track SEBI/AMFI circulars and dead
- Jurisdictional validity of Sec 148 notice after fa
- Taxable Income or Not
- GST Input Tax Credit (ITC) on Camera Purchase &
- What makes CA Himanshu Singla different from other
- TAX TREATMENT AND ACCOUNTING ENTRIEOF PERQUISITES
- Gifting money to my father-in-law (my husband's da
- GSTR-1 JSON from marketplace exports (Myntra / Ama
Related Topics :
CAclubindia
