Assets - category

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Student (Querist)
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25 August 2010 Dear Expert,
Can you pls list the asstes that come each of the categories below (as in Sch of FA):
1. Plant & Machinery
2. Electrical installations
3. Equipments
4. Furniture & fixtures
5. Vehicles (shld the vehicle be in the name of the company?)
6. Can software be included in Technical knowhow fees?

thanks
kirti

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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25 August 2010 1.Plant & Machinery separately grouped

2.Electrical installation can be grouped under Furniture & Fixture

3. Equipments can be grouped under office equipments

4. Furniture & Fixture separate group

5.Vehicles will be separate group

6. Technical know how cannot be added to software, it need to be defferred and wriiten off over the useful period

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CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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25 August 2010 Apart from the points made by Mr. Ramesh..,

Software can be included in the head "Computers"

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Student

Student (Querist)
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25 August 2010 thnx....what I wanted was the examples of assets that come under each category like
Vehicles have car,bus etc.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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25 August 2010 Plant & Machinery - Machinery for productions, services
2. Electrical installations - electrical fitting, lightings
3. Equipments - UPS, Air conditioners
4. Furniture & fixtures - Office table, chairs,Fittings
5. Vehicles - Car, Bus, Van, jeep

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Student

Student (Querist)
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25 August 2010 Ramesh ji,
what is the depreciation rate for
Equipments &
Electrical installations
under Co.s & IT act?

are the below rates correct (Cos Act)?
Computers + s/w 40%
Fur & Fixtures 18.1%
Vehicles 25.89%
Bldg.(office) 5%

Aditya Maheshwari

Aditya Maheshwari (Expert)
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25 August 2010 Electrical installations under Co.s - 18.1
IT - 10%

Rest rates correct.

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Student

Student (Querist)
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25 August 2010 pls write rate for equipments also or is it the same ie 18.1%?

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Aditya Maheshwari

Aditya Maheshwari (Expert)
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25 August 2010 “Electrical fittings” include electrical wiring, switches, sockets, other fittings and fans, etc. - 18.1%.

Electrical equipment if like office equipments like EPBX, Fax machine - 13.91%

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Student

Student (Querist)
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25 August 2010 thank you!!!!!!