dep rate
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 March 2010
what is the depreciation rate for tractor
CA Ravi Sisodia
(Expert)
16 March 2010
Normal rate - 25 %
16 March 2010
As per my understanding, there is no rate as 25% ,in appendix-1,except for intangible assets, read along with rule 5 of Income tax rules,1962 from assessment year 2006-07 onwards. However, tractor is not a commercial vehicle vide note 6 of the said appendix and hence not eligible for higher rate of depreciation. So depreciation can be claimed at 15% by classifying tractor either in clause 111(1),viz., machinery and plant, or in clause 111(2),viz., motor cars, of appendix-1.
CA SANJAY MUKHERJEE
(Expert)
16 March 2010
Under Companies Act 30% on WDV ( single shift),
As per Income Tax Act I think dep. rate of tractor would be 15% as applicable for motor car.
As per Income Tax Act I think dep. rate of tractor would be 15% as applicable for motor car.
CA Gangadhar Mishra
(Expert)
16 March 2010
at 15% as per income tax act
CA Ashok Kumar Sahu
(Expert)
16 March 2010
rate dep. of tractor would be 15% as applicable for motor car
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