RATE OF DEPRECIATION

15% as the same are part of office equipment and will come under the head plant & machinery.

AS PER SCHEDULE XIV OF THE COMPANIES ACT. Items to be clubbed under Plant & Machinery. As no special rate is given genaral rate will apply, viz., according to shift working. However inmy opinion NESD for Fire Extinguisher.

Also As per INCOME TAX ACT, general rate of depreciation , i.e. 15%, will apply for fire extinguisher and Generator.

Opinions of other member are also welcomed.

I am agree with Mr. Aditya that the rate will be 15%

Yes it is 15% . Hope this query is now resolved.

It is 15% as the above assets come under the block Plant and Machinery.

FIRE EXTINGUISHERS & GENERATOR UNDER INCOME TAX ACT FOR JEWELLERS IS DEPRECIATED @ 15%

I AGREE WITH MR. AKHIL

friends

i would like to know whether it is possible to capitalise an item as per companies act and expence as per income tax act.  in our case, we want to capitalise exp on technical know how as per companies act and expence the same while tax computation as per income tax act. post your reply at ramakrishna @ celonlabs.com

Any special devices including electric generators and pumps run-ning on wind energy

80% here why

The depreciation for FIre Extinguisher & Generator is 15%

The rates prescribed by you people are for SLM or WDV please clarify and under what head of P&M it comes in Schedule XIV ?

Hi All,

I am working in Event Management Co.

I have same querry as i want to classify fire extinguisher but, amount is very low and we have purchased this for an event and will be used when we go for other events after this.

Is it possible to charge this amount as an expense under head consumables / event management expenses or i must capitalise it?

Please help me its urgent!!!

Thanks