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Rate of depreciation on mobile phone, Income Tax

Issue Id: - 116302
Dated: 19-5-2020
By:- Ashish Agarwal
Rate of depreciation on mobile phone

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I have included my new mobile 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 also be claiming ITC on the gst paid on buying this phone? I Hope i am eligible for it.

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Showing Replies 1 to 3 of 3 Records

1 Dated: 20-5-2020
By:- Ganeshan Kalyani

Sir, if you claim ITC you cannot capitalize the GST component. If you want to claim depreciation then do not take ITC.

In my view, the rate of depreciation on mobile is 15%.

2 Dated: 20-5-2020

Depreciation rate under company's act for plant & machinery 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.

3 Dated: 22-5-2020
By:- Ashish Agarwal

Thank you all


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