Hello Everybody,
My query is...whether PRINTER or SCANNER is a part of
Computer; or
Office Equipment
While reply plz give support as per Companies Act 1956 and Income tax act 1961.
Regards
Hello Everybody,
My query is...whether PRINTER or SCANNER is a part of
Computer; or
Office Equipment
While reply plz give support as per Companies Act 1956 and Income tax act 1961.
Regards
Printer or Scanner comes under computer and computer peripherals.
Yes they are to be included in Computers.
Regards
Prateek
Yes printer and scanner for depreciation purpose and for showing purpose can be treated as part of computer
Thanks for your views...
Can U plz provide some reference with Companies Act and Income Tax act...
As I didnt found the words computer and computer peripherals in schedule XIV of comapnies act...only the word COMPUTERS is mentioned there
Also what the best sub head of FA for Electrical Fittings??
Regards
As per Schedule XIV, "Dara processing machines including computers" are chargeable to depreciation at the rate of 40% in case WDV method is used.
From this inclusive definition, it can be understood that computer is not specific criteria but it falls under the definition of general criteria i.e. Data Processing Machines .
Hence, Printer and scanner cannot be included under the head "Computer". It is "Office Equipment" and will be charged at the rate of 13.91% (WDV) like Fax and Xerox Machnes.
Under Income Tax Act, the same will be included in Computer Peripherals and chargeable at the rate of 60%.
Thanks Sonam Bidasaria....
These are the conclusive words to understand the Companies Act and Income Tax Act....pretty much clear!!
Just one more thing....is it contradictory to conclude in an asset in different heads as per above 2 Acts??
Para 29 of AS-6 of Companies (Accoutning Standards) Rules, 2006 reads as under:
The following information should also be disclosed in the financial statements alongwith the disclosure of other accounting policies:
FOR THE PURPOSE OF INCOME-TAX, SCANNER AND PRINTER ARE PART OF COMPUTERS AS PER THE CASE LAW OF DATACRAFT CORP
Thanks again Sonam for your valuable time...
The facts u mentioned above are very satisfying...
Could U please comment on my another post named "Fixed Asset Classification"...it is urgent!!
Looking forward for a useful professional discussion.!!
| Originally posted by : Sonam Bidasaria | ||
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As per Schedule XIV, "Dara processing machines including computers" are chargeable to depreciation at the rate of 40% in case WDV method is used. From this inclusive definition, it can be understood that computer is not specific criteria but it falls under the definition of general criteria i.e. Data Processing Machines . Hence, Printer and scanner cannot be included under the head "Computer". It is "Office Equipment" and will be charged at the rate of 13.91% (WDV) like Fax and Xerox Machnes. Under Income Tax Act, the same will be included in Computer Peripherals and chargeable at the rate of 60%. |
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Very much agree with the views of learned member Sonam.
Thanks
Thanks Shihab...your views are related to Income tax act....n am asking in relation to companies act.
It belongs to the same class of assets. Useful for revaluation & impairment whole class of asset valuations,
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