Depreciation rate on JCB excavetor like equipment
This query is : Resolved
27 November 2008
what is the rate of depreciation on JCB and excavetor equipment aas per incometax act. whether it is different rate of depreciation in order to arrivae in WDV in respect of ENTRY TAX CHARGES which is to be paid on current market vale/WDV .
THANKS
THANKS
10 October 2010
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.
CITATION:- Gaylord Constructions vs. ITO (2008) 175 Taxman (Magz.) 99 (Cochin)
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.
CITATION:- Gaylord Constructions vs. ITO (2008) 175 Taxman (Magz.) 99 (Cochin)
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