Depreciation

This query is : Resolved

vipin (Querist)
Follow

13 September 2010 Please provide the suggestion regarding the depreciation

if we purchase a Commercial VEHICLES ON DATED 01.02.2009 AND THIS HAS ALREADY BEEN USED AT THAT TIME AND WE HAVE CHARGED 50% RATE OF DEPRECIATION AND NOW WE ARE CHARGING AGAIN 50% DEPRECIATION ON FINANCIAL YEAR09-10.
AM I CORRECT OR NOT
pLEASE GUIDED ME .

Shudhanshu Agrawal

Shudhanshu Agrawal (Expert)
Follow

13 September 2010 As per Section 32 depreciation in Income tax is allowed on WDV as at March 31 of respective previous year. If any asset is sold before it, depreciation for that year can not be claim. So in your case depreciation will not be provided to earlier owner. However, you will be entitled to claim depreciation

CA SIDHARTH HIRALAL PATNI

CA SIDHARTH HIRALAL PATNI (Expert)
Follow

13 September 2010 There was a circular regarding allowing commercial vehicles to get higher rate of depreciation. U can refer to it. It is available on www.incometaxindia.gov.in

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
Follow

14 September 2010 Circular regarding getting higher rate of deprecaition is for commerical vehicle acquiring after 1/01/2009 before 30sept 2009.
It is only for first year in which vechile purchased. afterward normal deprecaiton will be allowed.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
Follow

14 September 2010 Mr. Sudhansu Whether you are answering the above question or any other .
becasue answer is not totally match with above question.

Anjani Pratap Tiwari

Anjani Pratap Tiwari (Expert)
Follow

14 September 2010 You can charge depreciation @ half of rate of dpreciation as the assets is put to use in the first year less than 180 days. On wards you can charge full rate of depreciation . Also you can claim in the first year the additional rate of depreciation.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Tushar Gupta

madhuseshu yathirajam

CA.K.RAMAKRISHNA. PRABHU

Krishnan V

chandradhass sathish

Subscribe Now

Depreciation

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA