Explain with rates furniture and fixtures depreciation.

The Furniture and Fixture is depreciated @10% according to the income tax act and as per the companies act, 2013 @9.50% under Straight line method and @25.89% under written down value method.

Furniture and fixture form a major part to furnish an office. For Example, the chair, table, bookshelves, etc. all comes under Furniture and Fixture. The useful life of Furniture and Fixtures is estimated as 5-10 years depending upon the kind of furniture.

Rate of depreciation in reference to days

• If Furniture is bought and put to use for more than 180 days, then the full rate of depreciation will be charged.
• If the furniture is bought and put to use for less than 180 days, then half the rate of depreciation will be charged.

• If the furniture is bought but is not put to use, then no depreciation will be charged.