Rate of depreciation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 March 2015 One of my client is owner of Heavy vehicle. He had purchased new battery for vehicle.
I want to know whether Battery is liable for depreciation, if yes then at which rate?

Thank you in advance

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

11 March 2015 battery is not a capital asset hence no depreciation on same is allowed but only on vehicle used.

Message likes : 1 times

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

11 March 2015 Battery used in heavy vehicle should be capitalized. Depreciation can be claimed as per Income Tax Act 1961 @ 33.40%.

Depreciation rate chart as per Companies Act 1961 may kindly be seen.

You can also check out the depreciation rates as per Income Tax Act 1961 from links given below:

http://taxguru.in/income-tax/rates-of-depreciation-as-per-income-tax-act-for-a-y-2010-11.html

http://www.incometaxindia.gov.in/_layouts/15/dit/Pages/viewer.aspx?path=http://www.incometaxindia.gov.in/charts%20%20tables/depreciation%20rates.htm&k=&IsDlg=0

Querist : Anonymous

Querist : Anonymous (Querist)

11 March 2015 Dear Sanjay Gupta,
Depreciation at rate of 33.4% is available on batteries only for Power Generating Units as per your links, that you posted here.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

11 March 2015 Other than power generating Unit depreciation will be available @ 15% under Plant & Machinery category. But yes battery will be liable for depreciation as it is a capital item and can not be charged to revenue.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Tanuj Kumar Sharma

avulaandcopdrl 2023

Amit

Sameer

Choudhary

Subscribe Now

Rate of depreciation

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

GST CONSULTANT

CA Final

Article Assistant

GST CONSULTANCY