CA CMA CS VIRAG SHAH (9773395720) (759 Points)
08 June 2010WHAT IS THE RATE OF DEPRECIATION IS APPLICABLE FOR FIRE EXTINGUISHERS & FOR GENERATOR UNDER INCOME TAX ACT FOR JEWELLERS ?
PLEASE ADVICE ME.......
THANK YOU IN ADVANCED......
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 08 June 2010
15% as the same are part of office equipment and will come under the head plant & machinery.
Akhil Gupta
(Manager F&A)
(856 Points)
Replied 08 June 2010
AS PER SCHEDULE XIV OF THE COMPANIES ACT. Items to be clubbed under Plant & Machinery. As no special rate is given genaral rate will apply, viz., according to shift working. However inmy opinion NESD for Fire Extinguisher.
Also As per INCOME TAX ACT, general rate of depreciation , i.e. 15%, will apply for fire extinguisher and Generator.
Opinions of other member are also welcomed.
Shudhanshu Agrawal
(Business)
(2570 Points)
Replied 08 June 2010
I am agree with Mr. Aditya that the rate will be 15%
CA Ravish Trivedi
(The Possibilities are Infinite...)
(772 Points)
Replied 08 June 2010
Yes it is 15% . Hope this query is now resolved.
Sonia M Ketkar
(B.com CA DISA(ICA) Pursuing CS)
(625 Points)
Replied 08 June 2010
It is 15% as the above assets come under the block Plant and Machinery.
shrikant kalyani
(CA-Final Student)
(60 Points)
Replied 08 June 2010
Niraj
(CHARTERED ACCOUNTANTS)
(72 Points)
Replied 09 June 2010
FIRE EXTINGUISHERS & GENERATOR UNDER INCOME TAX ACT FOR JEWELLERS IS DEPRECIATED @ 15%
rama krishna
(finance manager)
(36 Points)
Replied 09 June 2010
friends
i would like to know whether it is possible to capitalise an item as per companies act and expence as per income tax act. in our case, we want to capitalise exp on technical know how as per companies act and expence the same while tax computation as per income tax act. post your reply at ramakrishna @ celonlabs.com
Mohankumar
(Articled Assistant)
(25 Points)
Replied 16 December 2011
Mohnesh
(ceo)
(26 Points)
Replied 25 January 2012
Any special devices including electric generators and pumps run-ning on wind energy
80% here why
Naveen C. Bisht
(Tax Consultant)
(71 Points)
Replied 31 January 2012
The depreciation for FIre Extinguisher & Generator is 15%
c.s.karthik
(articles)
(53 Points)
Replied 02 July 2013
The rates prescribed by you people are for SLM or WDV please clarify and under what head of P&M it comes in Schedule XIV ?
Tanvi Raheja
(student)
(58 Points)
Replied 20 December 2013
Hi All,
I am working in Event Management Co.
I have same querry as i want to classify fire extinguisher but, amount is very low and we have purchased this for an event and will be used when we go for other events after this.
Is it possible to charge this amount as an expense under head consumables / event management expenses or i must capitalise it?
Please help me its urgent!!!
Thanks
CAclubindia
