Depriciation rate

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Renu Bala (Querist)
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12 November 2010 Dear Sir,

This is Renu bala . I am working in SHI Plastics Machinery India pvt. Ltd.

I want to ask about the depriciation rate on the following ites.

wooden furnitur
Telephone Sets
Water cooler,
computer hardware & software parts,
Tools of engineers like hammer Allen Keys etc.

I am unable to understand the new rate of depriciation as per company act 1956 .

Please help me as soon as possible

Aditya Maheshwari

Aditya Maheshwari (Expert)
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12 November 2010 wooden furnitur - 18.1
Telephone Sets - 13.91
Water cooler - 13.91
computer hardware & software parts - 40
on WDV method

Renu Bala

Renu Bala (Querist)
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12 November 2010 Thanks Aditya sir . Please also let me know the rate of depriciation on tools & parts. I also want to ask that which rate of depriciation will be applicable on tools whose rate value is less than Rs. 5000/-.

Please guide me

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Aditya Maheshwari

Aditya Maheshwari (Expert)
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12 November 2010 Rate of depriciation will be applicable on assets whose rate value is less than Rs. 5000 fully depreciated in the same year itself.

Tools & parts if part of machinery - 13.91
If part of fruniture - 18.1

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Renu Bala

Renu Bala (Querist)
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01 December 2010 we are in service sector.we have taken a commercial apartment on rent for office use. we have started to paid rent from july 2010 Rs.117600 on this. now the owner has raised a bill of service tax of five months (from july to november). this service tax was not paid with the rent invoice.
Now i want to know that how to make the entry of this service tax amount in the company's books. pls let me the entry of this and also let me know that how should i treat this service tax amount. whether to treat as liability or else.

Pls reply me

Aditya Maheshwari

Aditya Maheshwari (Expert)
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01 December 2010 Since you are in service sector you must be charging service tax also and hence the service tax you have to pay can be claimed as input credit for your output you pay.