Depreciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 May 2012
A person bussiness is buying vehicles(eg:buses,cars) and giving them to hire for others on yearly basis now what is the rate of depreciaton he has to calculate every year is it 30% or 15% and in which cases we have to calculate depreciation rate @ 15%.Please clarify
29 May 2012
Depreciation rates are as under:
Motor cars, other than those used in a business of running them on hire - 15%
Motor buses, motor lorries and motor taxis used in a business of running them on hire - 30%
In your case, it seems that the person is engaged in business of letting out vehicles on hire. Accordingly, the rate of depreciation will be 30%.
Motor cars, other than those used in a business of running them on hire - 15%
Motor buses, motor lorries and motor taxis used in a business of running them on hire - 30%
In your case, it seems that the person is engaged in business of letting out vehicles on hire. Accordingly, the rate of depreciation will be 30%.
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