Depreciation
This query is : Resolved
paresh parekh
(Querist)
08 December 2019
Hello,
As per notification No. 69/2019, it is mentioned at 30% for Motor cars, other than those used in a business of running
them on hire, acquired on or after the 23rd day of August, 2019
but before the 1 day of April, 2020 and is put to use before the 1 day of April, 2020.
My query is whether dep @ 30% is on p.a. basis. So, for the car purchased after 30th Sept.2019 but before 31/3/2020 will get 15% depreciation ( being car bought and put to use in second half of the financial year 2019-20).
Am I right? please advice. Thanks.
As per notification No. 69/2019, it is mentioned at 30% for Motor cars, other than those used in a business of running
them on hire, acquired on or after the 23rd day of August, 2019
but before the 1 day of April, 2020 and is put to use before the 1 day of April, 2020.
My query is whether dep @ 30% is on p.a. basis. So, for the car purchased after 30th Sept.2019 but before 31/3/2020 will get 15% depreciation ( being car bought and put to use in second half of the financial year 2019-20).
Am I right? please advice. Thanks.
29 May 2020
If it used for less then 180 Days during the FY. Half Depreciation will be levied and if it is more than 180 Days full depreciation rate will be applicable.
paresh parekh
(Querist)
31 May 2020
Thank you for your reply
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- GST on reimbursement of expenses
- Query on effect of registration of property
- Missed uploading GST Invoice
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Visiting card purchase
- Number of years as per AS amortisation of Goodwill
- Whether output tax is taken credit by purchaser
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
