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Depreciation

naresh (accountant) (31 Points)

27 May 2015

Can anyone help me What will be rate of Depreciation on Electronic Car as per Companies Act and as per Income Tax Act

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6 Replies

SHINY (CA Final Student) (699 Points)
Replied 28 May 2015

Hi naresh

The rate of depriciation on electronic cars as per IT Act is 15% pa and it is included in the definition of 'Plant' as per SEc 43(3) of IT Act.

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YOGESH (STUDENT) (128 Points)
Replied 29 May 2015

As per the Income Tax Act the Electronic Car comes in the Block of machinery and Plant which is chageable @ 15%

As per the New Companies act the Depreciation is chargeable on the basis of Useful Life of Asset, hence the Elctronic car should be depreciated on the basis of its useful life

Amit (Doctor) (22 Points)
Replied 02 June 2015

Originally posted by : naresh
	Can anyone help me What will be rate of Depreciation on Electronic Car as per Companies Act and as per Income Tax Act

Can anyone tell me what is the rate of annual depreciation for the Sethoscope (a medical equipment/instrument and whether it can be treated as a life-saving equipment?

Z ( ) (2965 Points)
Replied 02 June 2015

Life saving equipments have been specified under income tax rules and therein Stethoscope is not covered.

Hence 15%

Life saving medical equipment, being— [Rate 40%]
(a) D.C. Defibrillators for internal use and pace makers
(c) Heart lung machine
(d) Cobalt Therapy Unit
(e) Colour Doppler
(f) SPECT Gamma Camera
(g) Vascular Angiography System including Digital Subtraction Angiography
(h) Ventilator used with anaesthesia apparatus
(i) Magnetic Resonance Imaging System
(j) Surgical Laser			40
(k) Ventilator other than those used with anaesthesia
(l) Gamma knife
(m) Bone Marrow Transplant Equipment including silastic long standing intravenous catheters for chemotherapy
(n) Fibre optic endoscopes including, Paediatric resectoscope/audit resectoscope, Peritoneoscopes, Arthoscope, Microlaryngoscope, Fibreoptic Flexible Nasal Pharyngo Bronchoscope, Fibreoptic Flexible Laryngo Bronchoscope, Video Laryngo Bronchoscope and Video Oesophago Gastroscope, Stroboscope, Fibreoptic Flexible Oesophago Gastroscope
(o) Laparoscope (single incision)

Amit (Doctor) (22 Points)
Replied 02 June 2015

Dear Z, for Stethoscope, th rate of depreciation as shown here is 15% whereas the email which I have received from this website shows it as 30% (pdf copy of the email is attached here). Please clarify whether it is 15% or 30% for Stethoscope. Thanks

Attached File : 1092871 20150602214735 depreciation on medical equipment including stethoscope .pdf downloaded: 207 times