Hi yaar please tell how much rate of deprication to be taken on PRINTER?????
8 Replies
Sachin Jain CA, CS, CWA
(Job)
(240 Points)
Replied 19 September 2008
Please specify, whether u require rate as per Companies Act or as per the income tax act?
CA Annie
(Chartered Accountant )
(747 Points)
Replied 20 September 2008
Sachin, it Depends on the management policy, Except for companies where the companies act rate shold be taken.
Rishubh Mathur
(Analyst -Taxation)
(442 Points)
Replied 20 September 2008
Hi
Well to solve this query, you first need to decide which asset bolck does the asset under question falls into
Any asset which is applied or utilized as part of Computer System, accesories & Software (Which may or not be able to work as stand alone) falls under block of Computer System & Software, eligible for depreciation at rate of 60% under Income-tax Act,1961 (refer sction 32) or
40% under Companies Act, 1956
Any other equipment (mechanical, electronic, electrical etc. in nature) will fall under block "Plant & Machinery" eligible for depreciation at rate of 15% under Income-tax rate.
Devendra
(Qualified Audit Assistant)
(521 Points)
Replied 20 September 2008
The rate of depreciation to be provided on printers is at the same rate as that of computers, i.e., 40% as per The Companies Act, 1956 and 60% as per The Income Tax Act, 1961.
It will not be treated as plant and machinery in any case.
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