Rate of depreciation on mobile phone

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ate of depreciation on mobile phone<br> Query (Issue) Started By: - Ashish Agarwal Dated:- 19-5-2020 Last Reply Date:- 22-5-2020 Income Tax<br>Got 3 Replies<br>Income Tax<br>I have included my new mob....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ile phone in my proprietary business as a fixed asset ( i even bought it in the name of my firm) What shall be the rate of depreciation? Will be 15%(plant and machinary) or 40%(computers)? I shall....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... also be claiming ITC on the gst paid on buying this phone? I Hope i am eligible for it. Reply By Ganeshan Kalyani: The Reply: Sir, if you claim ITC you cannot capitalize the GST component. If you ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....want to claim depreciation then do not take ITC. In my view, the rate of depreciation on mobile is 15%. Reply By YAGAY andSUN: The Reply: Depreciation rate under company&#39;s act for plant & mach....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....inery is 13.91 % (mobile taken as plant & machinery) as per income tax act 15%. Since you are a proprietary firm, therefore it will be 15% depreciation on the Mobile Phone. Reply By Ashish Agarwal: T....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he Reply: Thank you all<br> Discussion Forum - Knowledge Sharing ....