CA Shailesh +91 9393926464 (Chartered Accountant) (2088 Points)
16 June 2009Dear Friends,
What is the rate of depreciation to be charged on Electrical Installations is a matter of discussion?
Please submit your views on the rate to be applied for claiming Depreciation on Electrical Installations.
Whether, we shall treat it as P&M and apply 15%
or
Whether it forms part of Electrical Fittings and the rate to be apllied be 10%?
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 16 June 2009
Furniture & fixtures is defined in appendix I of the income tax rules as "Furniture and fittings including electrical fittings [See Note 5 below this Table]" Note 5 reads as 5. “Electrical fittings” include electrical wiring, switches, sockets, other fittings and fans, etc.
Hence the same will be classified under furniture & fixtures and liable for depreciation @ 10%.
No other view is possible i guess.
tejas
(student)
(34 Points)
Replied 17 June 2009
| Originally posted by :CA Shailesh +91 9393 92 6464 | ||
| " | Dear Friends, What is the rate of depreciation to be charged on Electrical Installations is a matter of discussion? Please submit your views on the rate to be applied for claiming Depreciation on Electrical Installations. Whether, we shall treat it as P&M and apply 15% or Whether it forms part of Electrical Fittings and the rate to be apllied be 10%? |
" |
Jatin Singh Negi
(Country Analyst )
(505 Points)
Replied 17 June 2009
only 10% can be claimed for that
Amit Kothari
(Article Assistant/ PCC Student)
(177 Points)
Replied 17 June 2009
10% is the possible dep. rate as it comes under furniture and fittings
CA. Rashi Goyal
(Chartered Accountant)
(512 Points)
Replied 17 June 2009
Electrical fittings fall under the block of furniture & fixtures hence 10% depreciation is to be charged.
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