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Water storage tank

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(Querist)
06 August 2019
Sir,

Please clear We have purchase one tank of 3000 liter for water Storage its a expense or assets
if assets please provide deprecation rate of Plastic water Storage tank
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Asha Kanta Sharmapro badge online

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Asha Kanta Sharmapro badge online (Expert)
04 June 2020 It's usefulness is definitely more than 12 months so it can be considered as Fixed Asset.

https://www.incometaxindia.gov.in/_layouts/15/dit/mobile/viewer.aspx?path=https://www.incometaxindia.gov.in/charts%20%20tables/depreciation%20rates.htm&k=&IsDlg=0

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