Rahul Gupta (Asst Manager Controlling) (50 Points)
05 August 2008Can anyone suggest,whether we should take electronic appliances such as T.V.,Fridge,Music System,DVD Player under furniture or plant and machinery for depriciation purpose under IT Act and in which slab rate.
Darshu
(CA)
(1580 Points)
Replied 06 August 2008
According to me ,they should be taken under the head Plant & machinery and Depreciation should be calculated @ 15 %
CA Naveen Garg
(Chartered Accountant)
(75 Points)
Replied 06 August 2008
yes , its Covered under Block 5 of Plant & Machinery and rate is 15%
its clearly define under block 5 that any plant or machinery not covered other block would be covered under block 5
CAclubindia
