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DEPRECIATION ON CARS

Manjunath M Hegde (CA Final (new course)) (236 Points)

04 September 2009

WHETHER 50% DEPRECIATION ON CARS IS EXTENDED FOR PURCHASES UP TO 30.9.09?? CAN U PLS ATTACH THE CIRCULAR.

THANKING U IN ANTICIPATION

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4 Replies

Aditya Maheshwari (CA in Practice) (35867 Points)
Replied 06 September 2009

The benefit of enhanced depreciation on commercial vehicles has been extended up to 30th September 2009 vide notification dated 21st April, 2009 issued by CBDT.

Rajeev (www.rkmco.com) (985 Points)
Replied 26 September 2009

manjunath , it should be noted that the benefit is only for commercial vehicles and not all cars. notification no 10/2009

manohar pawar (Accountant) (64 Points)
Replied 21 January 2010

What is Dep on Commercial Vehical Like Truck.

Bimal Thacker (Proprietor) (762 Points)
Replied 21 January 2010

Dear Rajeev

Though there is confusion about depreciation rate of 50 % for car used by a professional or manufacturing company.

In notification 10/2009 New commercial vehicle which is acquired on or after the 1st day of January, 2009 but before the 1st day of April, 2009 and is put to use before the 1st day of April, 2009 for the purposes of business or profession .

The word OR PROFESSION has used, whether you have any idea about useof commercial vehicle for profession?

Can we take the benifit of it and claim depreciation of 50%