What is the rate of depreciation for Camera and Furniture & Fixtures that can be claimed under the income tax Act, 1961.
12 Replies
Devendra
(Chartered Accountant)
(4775 Points)
Replied 27 May 2011
Follwing are the Depreciation rate as per Income Tax Act, 1961:-
Camera - 15%
Furniture & Fixtures - 10%
Regards,
Devendra K
Dhawal Mohnot
(Practicing)
(449 Points)
Replied 27 May 2011
hey devendra,
Camera you say is a plant and machinery??
CA NITUL MEHTA
(KPMG-Senior Consultant-International Tax )
(236 Points)
Replied 27 May 2011
depends on what business you have for a photo grapher its obuisly a plant and machine, but for others it is a elctronic item which also falls under plant and machine only unfortunatly so no diffrence 15% only. furniture as usual 10%
Ravindra kumar
(student)
(87 Points)
Replied 27 May 2011
Digital camera comes on the category "Plant & Machinary" and deprication rate as per Income Tax Act 1961 is 15% PA.
Amit Surana
(Student CA/CS-Professional)
(268 Points)
Replied 28 May 2011
Depreciation rate as per Income Tax Act, 1961:-
Camera @ 15%
Furniture & Fixtures @ 10%
Rup Kumar
(finance manager)
(288 Points)
Replied 29 May 2011
Depreciation for Camara @ 15% (treating it as Plan & Machinery)
Depreciation for Furniture & Fixture @ 10%.
CA PuRvI M!$rA
(-)
(2260 Points)
Replied 29 May 2011
on camera depn rate wil b - 15%
n on furniture - 10%
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