We have purchased Tractor registered with RTO for material handling .
1) Whether it is account for under Vehicle or Plant & Machinery.
2) Whether we can get input tax credit of GST paid
3) What is depreciation rate as per Companies Act?
1 Replies
Asha Kanta Sharma
(Manager - Finance & Accounts)
(36398 Points)
Replied 07 August 2024
- The same can be accounted as P/M
- Yes
- According to Schedule II, the depreciation rate for “Motor Vehicles” (which includes tractors) is 15% per annum on a Written Down Value (WDV) basis.
Recent Topics
- Interest earned on deposits placed with corporates
- Pension Misclassification and Correction in ITR
- Failed to File SPL-02 before June 30th
- AIS Utility
- Fees receipts for Technical services ..income
- INTEREST WILL PAID
- GSTR-2A Shows 3B not filed but actually files
- Private Limited Company Strike Off (No Business in
- GST on forfeiture of Security Deposit
- Form16 shows investments as done - But I will go b
Related Threads
Trending Online Classes
CAclubindia
