Please let me know the depreciation rates for the following items, as per IT Act, for a partnership firm and proprietorship concern:
1.Compressor ( Under which category)
2.Electrical Panel (Under which category)
3.Transformer (Under which category_
4.Tools used in Granite induatries(Under which category)
V.P.Chandra Sekar
manager-accounts,
15% on all above assets as per Income Tax Act, 1961
This will come under the head of plant and machinery and Depreciation rate applicable is 15% , you are also required to check the date of purchase for Number of days calculation
ALL ASSETS IS COME UNDER PLANT & MACHINERY . IT HAS DEPRECIATION RATE 15 % AS PER INCOME TAX ACT. CHECK THE DATE OF PURCHASED.
Hi,
All the above assets come under the block-Plant & Machinery. The rate of depn. is 15% as per Income Tax Act . You should also try the date of purchase for days calcualation for taking the actual depn. calculated & taken into consideration in books.
Regards
under the plant & machinery
15% as per income tax act
CAclubindia
