Depreciation whether to be allowed on the purchase and installation of a fire extinguisher by a practicing CS in his office, even when the same is not put to use or used during the year of acquisition as stipulated under section 32 of Income Tax Act, 1961 :
A. No, Failure to use for the profession or business
B. Yes, Safety measures and kept stand-by, treated as passive use and eligible for depreciation
C. Yes, Allowable @ 10% of the cost
D. Yes, Allowable @ 50% of the cost
Answer:A
Depreciation whether to be allowed on the purchase and installation of a fire extinguisher by a practicing CS in his office, even when the same is not put to use or used during the year of acquisition as stipulated under section 32 of Income Tax Act, 1961 :
A. No, Failure to use for the profession or business B. Yes, Safety measures and kept stand-by, treated as passive use and eligible for depreciation C. Yes, Allowable @ 10% of the cost D. Yes, Allowable @ 50% of the cost