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%.
Message likes :
1 times
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
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR 1: Details for showing Exempt Income
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR 2 Short Term gain & Long term gain
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- TDS 194R on GST effected
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
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
