depreciation
This query is : Resolved
15 June 2011
What is the depreciation treatment of import of secound hand machinery?
CA PARAS BAFNA
(Expert)
15 June 2011
Charge depreciation at 15% or specific rates provided in the Depreciation Schedule of IT on Cost of Machinery which includes all the incidental charges like freight, insurance, customs, loading, unloading, transportation, erection etc.
15 June 2011
It has been decide that depreciation may be allowed for arriving at the assessable value of second-hand machinery on the following scale : -
i)For every quarter during first year 4% 16
ii)For every quarter during 2nd year………..3% 12
iii)For every quarter during 3rd year.2. 50% 10
iv)For every quarter during 4th year………..2% 8
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Subject to an overall limit of 70% 46
i)For every quarter during first year 4% 16
ii)For every quarter during 2nd year………..3% 12
iii)For every quarter during 3rd year.2. 50% 10
iv)For every quarter during 4th year………..2% 8
-------
Subject to an overall limit of 70% 46
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