31 January 2008
It will be onland drilling Rig,Mounted on carrier/chassis with Tyre.This will work together with few items like Drill pipes,Mudpump,Motors,weldingmachine,Tanks,Safetyequipment,Generators,Containers.they can be singly identified items as well package of one.The working of that machine is drilling and workover rig in oil and exploration field. As per sec E12(B) in ready Reckoner,it has been written that plant used in field operation (below ground),but not including kerbside pumps including underground tanks and fittings used in field operation by Mineral oil Concerns.
We are contractor of oil and exploration company for drilling rig and workover rig given on hire on contract basis . so i want to know wat wii be depreciation rate as per IT act and as per Company Act in case of a contractor for providing services to oil and exploration co.
CAclubindia
