Can anyone tell me what is the rate of depreciation for Borewell as per the Income Tax Act?
Any help is greatly appreiciated.
8 Replies
CA Ayush Agarwal
(Kolkata-Pune-Mumbai)
(27186 Points)
Replied 01 June 2010
Borewell to Be Covered Under Plant & Machinery General Head & Taxable @ 15%
kantijain
(Chartered Accountant in Practice)
(385 Points)
Replied 01 June 2010
Dear Pranav,
The depreciation rates have to be referred to after knowing the business of the assessee. Depending on that may be one of us can help u out with apt dep rate.
Regards
Kanti Jain
Pranav
(Doing something or the other)
(92 Points)
Replied 01 June 2010
| Originally posted by : kantijain | ||
 |
Dear Pranav, The depreciation rates have to be referred to after knowing the business of the assessee. Depending on that may be one of us can help u out with apt dep rate. Regards Kanti Jain |
 |
So sorry. I forgot. It is a Charitable Educational institute. As such, i don't think it should be included in 'Plant and Machinery' but instead in 'Buildings' and depreciated at the rate of 10%. But I am not sure.
kantijain
(Chartered Accountant in Practice)
(385 Points)
Replied 02 June 2010
Dear Pranav,
since it is a charitable organisation and borewell is related to building construction, 10% must be the appropriate rate.
Regards
Kanti Jain
CA Ayush Agarwal
(Kolkata-Pune-Mumbai)
(27186 Points)
Replied 02 June 2010
Yes, Then 10% is Suitable Rate
Gaurav Mittal
(Director)
(36 Points)
Replied 14 July 2010
What should be rate of depreciation for borewell in co-operative housing society? Whether we can expense it off in the 1st year itself???
sharad rajendra more
(accountant)
(21 Points)
Replied 18 May 2016
Can anyone tell me what is the rate of depreciation for Borewell as per the Income Tax Act?
Recent Topics
- 80D claim for payment paid by parent
- TDS on purchase of Flat under subvention scheme be
- Nznxnc call me at the end of the day of the
- Nsje snswk fjw ed le ene djff ne enje ejdd rejje
- Hxjcif the day I have been in touch with me and
- Iska djd djrbdsjebshe sir ur rei ejr reinr the jr
- GST registration for medical shop in Karnataka
- Hsshs me know if you are free number of the
- Chu Kang and the situation of the situation and I
- How to reverse wrong transaction payment in phonep
Related Threads
CAclubindia
