Depreciation on Motor Car
This query is : Resolved
18 August 2010
If Motor car is purchased between 1st January, 2010 and before 31st March, 2010 and the same is used in the business and not in the business of running it on hire, then what shall be the rate of depreciation applicable for the A.Y. 2010-11 ??
18 August 2010
15% only.
Since used for less than 180 days it would be 7.5% on purhcase cost.
Since used for less than 180 days it would be 7.5% on purhcase cost.
18 August 2010
7.5 % as per income tax act.
18 August 2010
agreed, if business concern is company i.e car purchased in name of company, then deprecation will be allowed in books as per companies act @ 25.89% from date of purcahse to 31st march i.e days wise. and at the time of computation of tax liablity , dep is allowed as per income tax .
If business concern is non-corporate, then depreciation in books as well as IT Calcuation will be allowed as per income tax act as per Aditya ji.
If business concern is non-corporate, then depreciation in books as well as IT Calcuation will be allowed as per income tax act as per Aditya ji.
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