tax benefit on newly purchased car
This query is : Resolved
08 April 2010
Last year(i.e. 2009-10) it was declared that w'd get 50% depreciation on the cost of newly purchased car...so, I just want to now that whether we can avail this option in this current financial year(i.e.in 2010-11)or not?
09 April 2010
No.402/92/2006-MC (10 of 2009)
Government of India / Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
***
New Delhi dated the 24th April 2009
PRESS RELEASE
The benefit of enhanced depreciation on commercial vehicles has been extended up to 30th September 2009. Now, commercial vehicles acquired on or after 1st January 2009 and put to use before the 1st October 2009 will be eligible for depreciation at the rate of 50 percent. The Central Board of Direct Taxes have issued a notification vide S.O. 989(E) dated 21st April 2009 (Notification No.37/2009/F.No.142/01/2009-TPL) to this effect, substituting the words “1st day of April 2009” with the words “1st day of October 2009”.
Earlier, the benefit was made available for commercial vehicles acquired on or after 1st January 2009 and put to use before the 1st April 2009 vide a notification dated 19th January 2009.
CONCLUSION:
50% depreciation benefit only for those commerical vechile whic is put to use before 1st OCT 2009. HENCE FOR CURRENT YEAR IT IS NOT ALLOWED FOR PURCHASE OF NEW VECHILE.
Government of India / Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
***
New Delhi dated the 24th April 2009
PRESS RELEASE
The benefit of enhanced depreciation on commercial vehicles has been extended up to 30th September 2009. Now, commercial vehicles acquired on or after 1st January 2009 and put to use before the 1st October 2009 will be eligible for depreciation at the rate of 50 percent. The Central Board of Direct Taxes have issued a notification vide S.O. 989(E) dated 21st April 2009 (Notification No.37/2009/F.No.142/01/2009-TPL) to this effect, substituting the words “1st day of April 2009” with the words “1st day of October 2009”.
Earlier, the benefit was made available for commercial vehicles acquired on or after 1st January 2009 and put to use before the 1st April 2009 vide a notification dated 19th January 2009.
CONCLUSION:
50% depreciation benefit only for those commerical vechile whic is put to use before 1st OCT 2009. HENCE FOR CURRENT YEAR IT IS NOT ALLOWED FOR PURCHASE OF NEW VECHILE.
09 April 2010
WELL EXPLAINED BY MR. BANSAL.
09 April 2010
the cars used for private purpose are not covered here boss.
09 April 2010
ALREADY WORD USED COMMERICAL VECHILE I.E NOT PRIVATE USED VECHILES.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Value of property in capital gain
- Copyright software
- Form 121 & TDS deduction
- Transporter Declaration form
- Regarding TDS Applicability For Director Remuneration
- LC charges in relation to Asset purchased should be Capitalised ?
- Regarding appeal to GSTAT
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
