Dep on commercial vehicle
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 May 2011
What is rate of depreciation if new commercial vehicle i.e. truck is purchased on 28.3.11? Is is 50%?
24 May 2011
Rate of depreciation will be 15%. As purchased after 01.10.2009.
50% was allowable on vehicles purchased before 30.09.2009
With a view to give a boost to the auto-sector in the prevailing economic recession, the Central Board of Direct Taxes (CBDT) vide its Notification No. 10/2009, dated 19-01-2009 announced a special rate of depreciation of 50% on new commercial vehicles acquired and put to use between 1st January to 31st March, 2009. Vide further Notification No.37/2009 dated 21-04-2009, this benefit came to be extended until 30th September, 2009.
50% was allowable on vehicles purchased before 30.09.2009
With a view to give a boost to the auto-sector in the prevailing economic recession, the Central Board of Direct Taxes (CBDT) vide its Notification No. 10/2009, dated 19-01-2009 announced a special rate of depreciation of 50% on new commercial vehicles acquired and put to use between 1st January to 31st March, 2009. Vide further Notification No.37/2009 dated 21-04-2009, this benefit came to be extended until 30th September, 2009.
24 May 2011
For more details see article from below link---
http://mukeshpatel.in/taxing-times-toi/50-depreciation-on-car-can-drive-amazing-tax-saving/
http://mukeshpatel.in/taxing-times-toi/50-depreciation-on-car-can-drive-amazing-tax-saving/
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