rate of depreciation

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Prakash (Querist)
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05 November 2008 We have fmcg co. We purchased a truck on 1.4.2008 and use for own co. for delivery of FMCG goods to our distributor or retailer. We collect delivary charges or distribution cost by raised excise invoice for this delivery. So, What will be the rate of depreciation for truck (vehicle) as per IT & as per company act for delivery own goods to distributor & collect delivery charges.Delivery charges or distribution cost shown seperately in excise invoice at the time of delivery.

Sanjay

Sanjay (Expert)
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06 November 2008 As per Income tax, the rate of depreciation will be 15% on Written down value method.

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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08 November 2008 As per Co. Act rate of dep. will be 13.91% and As per IT Act 15% on WDV basis.

Prakash

Prakash (Querist)
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11 November 2008 Sir,

But Sir in company act. schedule XIV- II- B-9 Depreciation rate for truck (vehicle ) is 30% and Plant & machinery is 13.91%. Please sir clear this confusion am I right or wrong.