FIRE PROTECTION EQUIPMENT DEPRECIATION RATE

[Kusalava InternationalLimited]

Sir,

In which Assets group Fire Protection Equipment has to be shown and what is the rate of Depreciation as per companies Act and IT Act?

[RamKumar Lakkoju]

Which equipments are there to be classified as fire protection equipment?

Fire alarms, sprinkler systems are generally classified as buildings.

[Ganeshan Kalyani]

In my view it falls under building.

AI Summary

Asset classification of fire protection equipment: treated as building, affecting applicable depreciation treatment under corporate and income tax law. Query on classification and depreciation of fire protection equipment asks which asset group and rate apply under corporate and income tax law; respondents state fire alarms and sprinkler systems are ordinarily classified as building assets, with no numerical depreciation rate provided.