Guys, under the head Income from salary
under Transfer of movable assets:-
what all item are included in electronic item & what r in other assets ...????
Plzz..... give me brief explanation .............
19 Replies
CA Pallav Singhania
(IT System Auditor)
(33678 Points)
Replied 24 October 2011
computers and smart phones... 50% dep WDV
cars 20% slm
and other fixed asset 10% slm
Ankit
(Mr.)
(48 Points)
Replied 26 October 2011
bhai aryan car is 20 % WDV not SLM
but my que. is that what more item are comes under 50% wdv head it is written electronic items in book but they still they take AC, TV etc in other assets....???
CA Pallav Singhania
(IT System Auditor)
(33678 Points)
Replied 26 October 2011
arey...computer...laptop...smart phones...and car ko chor kr baki electronics....
CA Pallav Singhania
(IT System Auditor)
(33678 Points)
Replied 26 October 2011
3 category hai na...
computers
cars
and others...
others me ayega....ankit ji...
Ankit
(Mr.)
(48 Points)
Replied 26 October 2011
ok aab kuch samzh aa raha hai
par 2 category Computer & other electronic gadgets hai
ye other electronic gadgets kya hai.....???
CA Pallav Singhania
(IT System Auditor)
(33678 Points)
Replied 26 October 2011
tv...fridge...AC....CAMERA...BLAH BLAH BLHA........
CA Pallav Singhania
(IT System Auditor)
(33678 Points)
Replied 26 October 2011
COMPUTER AND OTHERS ME SIRF 3 THINGS AATE HAI..
1. COMPUTER
2. LAPTOP
3. SMART PHONES
Ankit
(Mr.)
(48 Points)
Replied 26 October 2011
ok thanks aryan
really aab ache se samzh aa gya
hey in which city do u live & in which level of CA u r in..???
CA Pallav Singhania
(IT System Auditor)
(33678 Points)
Replied 26 October 2011
I AM FROM ASANSOL...WB...I'M IN CA FINAL
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 26 October 2011
| Originally posted by : Ankit | ||
 |
Guys, under the head Income from salary under Transfer of movable assets:- what all item are included in electronic item & what r in other assets ...???? Plzz..... give me brief explanation ............. |
 |
under head of salary no depriciation allowed. depriciation is allowed only in case of business.
Hardeep Singh
(CHARTERED ACCOUNTANT)
(205 Points)
Replied 30 October 2011
first of all you must be cleared about themeaning of words 'electronic' & 'electrical'
word electronics means that all those gadgets which use 'chip' system(storage devices) like calculator, mobile phones,computers etc. as they work with memory card/discs etc.
and
word electrical means that all those appliances which use the 'motion' power to work like fan, cooler, machinery etc as they work with a 'motor'
now as there are three catagories specified viz. electronic items,car & other assets therefore car, though being run by a motor has a specific catagory & all other electrical items are counted under other assets
now you can easily classify your movable assets under cosideration to appropriate catagory
(Guest)
Dear friends
Computer and electronic items. 50% WDV.
Motor Car : 20% WDV
Other Assets : 10% SLM
Let us analayse
Computer includes desktop and laptops and now tablets also. Certainly not smartphones.
What is electronic item. Electronic items are those items which are related to computers only. This explanations is given in income tax rules.
Therefore electronic item list gets truncated to printers, CD rom. scanners etc.
All other electronic items including smartphones not related to computers comes under other assets.
I cannot recall the name of the case law where in it was held UPS shall come under electronic item. But CA-IPCC students can ignore this point. I also do not raise this point in my class. Let this point be for practical purpose.
Motor car : Only 4 wheelers included. 2 wheeler comes under other assets.
Other asset: Which are not computer, not electronic item related to computer and not motor car.
thanks
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