Tuesday, March 4, 2014

Depreciation rate on building as per income tax act, 1961

A. TANGIBLE ASSETS
1. BUILDING 
   (1) Buildings, which are used mainly for
       residential  purposes /except hotels 
       & boarding houses                                                                     5
   (2) Buildings other than those used mainly for
       residential purposes & not covered
       by sub items (1) above and(3) below                                             10
   (3) Buildings acquired on /or after the 1st day 
       of September, 2002for installing machinery                                      100
       & plant forming part of water supply project
       /or water treatment system ,& which is put to 
       use for the purpose of business of providing
       infrastructure facilities under clause 
      (i)of subsection (4) of section 80-IA
   (4) Purely temporary erections, such as wooden
       Structures,                                                                                    100


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