Depreciation on jcb machine
This query is : Resolved
20 September 2013
SIR,
Please tell us what is the DEPRECIATION ON JCB MACHINE?
Please tell us what is the DEPRECIATION ON JCB MACHINE?
20 September 2013
in my opinion ,rate of depreciation will be 15%, whether registered under MVAct or not . as they are not used for running them on hire.
only hired motor busses/lorries eligible for 30% dep
only hired motor busses/lorries eligible for 30% dep
20 September 2013
Though JCB has been categorized as an excavator and its main function is removing soil or earth, yet at the same time, JCB’s another function is to carry or transport removed soil and dump it at another site to discharge function like transshipment and loading into another vehicle and therefore, for the purpose of depreciation, JCB can be treated as a motor lorry and it would be eligible for higher depreciation at 40 percent (30% from asst yr 2006-07 and onwards).
CITATION:- Gaylord Constructions vs. ITO (2008) 175 Taxman (Magz.) 99 (Cochin)
CITATION:- Gaylord Constructions vs. ITO (2008) 175 Taxman (Magz.) 99 (Cochin)
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