Deprecation
This query is : Resolved
22 January 2014
Rate Of Deprecation on JCB............????
22 January 2014
On perusing section 32 of the IT Act, the words referred to are motor cars, motor buses, motor lorries, motor taxies, commercial vehicles etc. The Act prescribes 30% depreciation for motor buses, motor lorries and motor taxies used in a business of running them on hire. Nowhere in the Act or the Rules, JCB is mentioned. Part-III sub-item No.1 of the Table specifies that machinery and plant other than those covered by sub-items (2), (3) and (8) shall be entitled to claim depreciation @ 15%. Since JCB does not fall under sub-item (2), (3) & (8) of Part-III, it has to be necessarily included in sub-item (1) for which the permissible rate of depreciation is 15%.
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