{"id":22209,"date":"2020-12-11T10:53:43","date_gmt":"2020-12-11T10:53:43","guid":{"rendered":"https:\/\/www.legalraasta.com\/blog\/?p=22209"},"modified":"2021-02-10T11:59:09","modified_gmt":"2021-02-10T11:59:09","slug":"depreciation-rate-plant-machinery","status":"publish","type":"post","link":"https:\/\/www.legalraasta.com\/blog\/depreciation-rate-plant-machinery\/","title":{"rendered":"Depreciation Rate For Plant, Furniture, and Machinery"},"content":{"rendered":"

Depreciation<\/a> rate is mentioned in the Income Tax Act for investments made in furniture, plant, and machinery by an assesses during the FY. The concept of depreciation is mainly used for writing off the cost of an asset over its useful life. It is a compulsory deduction either in the Straight-Line method or Written Down Value (WDV) method. WDV method is widely used for calculating depreciation. It is a widely used concept except for undertaking engaged in generation or generation and distribution of power. The act also permits a deduction for additional depreciation in the year of purchase in some specific circumstances.\u00a0<\/span><\/p>\n

Plant for Income Tax including ships, books, vehicles, scientific apparatus, and surgical equipment used for the purpose of business or profession. Machinery including all kinds of mechanical items and contrivances.\u00a0<\/span><\/p>\n

Machinery need not be a self-contained unit and could be a part of bigger machinery or even be one that should be used in conjunction with one or more machines. This article will look at the depreciation rate for furniture, plant, and machinery under the Income Tax Act.<\/span><\/p>\n

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