Rate of depreciation on mobile phone

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

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..... bile 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 shal .....

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..... l 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 .....

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..... 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's act for plant & mac .....

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..... hinery 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: .....

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..... The Reply: Thank you all
Discussion Forum - Knowledge Sharing .....

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