i am a cellphone manufacturer. i want to purchase a truck to be used to transport my cellphone from factory to dealer. what depreciation i should charge. 15, 30, 40.
pls reply asap
CA. Ankit Bhansali (---) (120 Points)
01 February 2013i am a cellphone manufacturer. i want to purchase a truck to be used to transport my cellphone from factory to dealer. what depreciation i should charge. 15, 30, 40.
pls reply asap
Sanjeev Kumar
(Student)
(141 Points)
Replied 01 February 2013
As per Income Tax act Truck is Depreciated At rate of 30%
CA Rashmi Gandhi
(Chartered Accountant)
(86318 Points)
Replied 01 February 2013
DEPRECIATION ON TRUCK IS30%
CA. Ankit Bhansali
(---)
(120 Points)
Replied 01 February 2013
thnk u guy for your reply. but i m confused about a notification that enabled 40 % depreciation for commercial vehicles.. so do anybody have idea.
i want to use this truck just to transport goods of my business form factory to dealers
Jaiveer Singh Rawat
(Learner)
(130 Points)
Replied 01 February 2013
Hi Ankit
You can charge it by 30%
Ramanuj
(Accountant.)
(834 Points)
Replied 01 February 2013
Dear ankit
As per income tax 30% & as per Company act. 25.89% on truck.
thanks
Ramanuj
CA PuRvI M!$rA
(-)
(2260 Points)
Replied 01 February 2013
you can charge @ 30%
source: https://www.indiantaxupdates.com/depreciation-rates-as-per-income-tax-act-1961/
CA BARKHA MITTAL
(B.COM, CA)
(149 Points)
Replied 02 February 2013
CA Satyen Sharma
(Head - Accounts and Finance)
(71 Points)
Replied 03 February 2013
Originally posted by : Ankit Bhansali | ||
i am a cellphone manufacturer. i want to purchase a truck to be used to transport my cellphone from factory to dealer. what depreciation i should charge. 15, 30, 40. pls reply asap |
Hi !! Ankit
The Depreciation rate for Vehicles as per Income Tax is 30%
If you have incorporated your business as a company then the rate for vehicles is 25.89%
Thanks
Satyen Sharma
CA Satyen Sharma
(Head - Accounts and Finance)
(71 Points)
Replied 03 February 2013
Hi !! Ankit
The rate for Depreciation on Vehicles as per Income Tax is 30%
The rate for depreciation on vehicles as per companies act is 25.89%
Thanks
Satyen Sharma
CA BARKHA MITTAL
(B.COM, CA)
(149 Points)
Replied 04 February 2013
CA Rashmi Gandhi
(Chartered Accountant)
(86318 Points)
Replied 04 February 2013
Miss BArkha The Tax Rate on Commercial Vehicles is 30% And On some Commercial Vehicles it depends on the date of purchase. Here nothing is mention hence,we take it as 30%
CA. Ankit Bhansali
(---)
(120 Points)
Replied 04 February 2013
@ rashmi Gandhi. Commercial Vehicles should be use for hire for dep @ 30% and my query was it is not used for hire. i m using just for transfering of goods to dealers. so its commercial vehicle but not used for hire so 15%. u can look at schedule attached in this discussion..
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India