Deprecation on commercial vehicle
This query is : Resolved
29 April 2012
Dear Expert,
we purchase 2 truck for our firm in F.Y.2011-12
i want to know depreciation rate for that truck,,,,,it is 15% or 40% or 50%,,,,please explain,,,,
thanks in advance
we purchase 2 truck for our firm in F.Y.2011-12
i want to know depreciation rate for that truck,,,,,it is 15% or 40% or 50%,,,,please explain,,,,
thanks in advance
30 April 2012
Vehicles used in busiess for running them on hire or lease are charged @ 30%
30 April 2012
I don,t agree with above expert ok it should be depreciated at a rate of 15% coz Assessee purchase Truck for its own business ok not for running them on hire,, so Depreciation rate here should be 15 %
08 May 2012
I differ with both the expert as 40% depreciation is available if the trucks are not used for own business. If it is used for transportation of goods of others as a Public carrier then it is treated as heavy vehicle and accordingly 40% depreciation is allowed as per Income Tax Act
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