Depreciation rate for fire fighting equipment

22 June 2021

Under which class of asset will fire fighting equipment will be classified and what will be the applicable depreciation rate?

Reply
Follow
Share

5 Replies

CMA Poornima Madhava (CMA) (13112 Points)
Replied 22 June 2021

I think it would be classified as plant & machinery with a rate of depreciation @ 15% as per income tax act.

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 22 June 2021

It will be treated as plant and machinery @ 15% depreciation

Lotus Agrawal (Practice) (1361 Points)
Replied 24 June 2021

Agreed

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 24 July 2021

Thank you

Shivang Gupta (Student) (24 Points)
Replied 25 September 2021

15% in Income Tax Act, 1961

Start a New Discussion