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| *Ostroff, Fair and Company>>>India Taxes |
Rate of depreciation on fixed asset as per income tax rule & as per company act? |
Rate of depreciation on fixed asset as per income tax rule & as per company act? The rates of depreciation in India are as follows: Buildings = 5 - 10% Furniture and equipment = 10 - 15% Intangible assets (goodwill, etc.) = 25% Machinery and equipment = 25% Vehicles = 20% Aircraft and trucks = 40% S.NoItems Dep.-IT wdv% Dep.-Co.WDV% Dep co SLM% 1Land - - - 2Building-Factory 10.00% 10.00% 3.34% 3Building-Office 10.00% 5.00 % 1.63% 4Plant & Machinary 15.00% 13.91% 4.75% 5Furniture& Fixures 15.00% 18.10% 6.33% 6Motor cars 15.00% 25.89% 9.50% 7Office Equipment 15.00% 13.91% 4.75% 8Computers 60.00% 40.00% 16.21% there are different fixed assets in income tax act 1961. So different tax rate as Assessment year 2006-07 for different assets as follows. Building(office) --5% Building(Residential--10% furniture and fittings--15% machinery and plany--25% motot car(purchases after 1990)--20% motor car(purchases before 1990)--25% computer---60% |
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