Please tell me the depreciation rates for the following assets as per Income Tax Act:
1. Fan
2. Lorry
3. Fax Machine
Souvik Kumar Ghosh (CA Final) (1368 Points)
13 August 2011Please tell me the depreciation rates for the following assets as per Income Tax Act:
1. Fan
2. Lorry
3. Fax Machine
%$ anil ....article trainee
(help ever fnd forever)
(204 Points)
Replied 13 August 2011
William Peter.a
(CA Final )
(179 Points)
Replied 13 August 2011
1.FAN-10% (Furniture & Fittings)
2. Lorry -30%
New commercial vehicle acquired on or after 1.4.1999 but before 1.4.2000 in replacement of condemned vehicle of over 15 years of age and is put to use before 1.4.2000 for the purpose of business or profession.-60%
3.Fax Machine -15% (Office Equipment)
if fax machine is treated as computer software then dep will be -60%
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