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Depreciation
is there any amendment regarding depreciation on vehicles acquired during the previous year 2109-20 ?
Replies (3)
Quick Summary
Yes,
if you purchased motor car acquired on or after 23th aug but before 1 Apr 2020 and put to use before 1apr 2020
other than those in a business them on hire , the rate of depreciation will be 30%.
(earlier the rate was 15%)
in case of motor buses, motor taxies, motor lorries used in a business of running them on hire , the rate of dep will be 45%
(earlier the rate was 30%)
if you purchased motor car acquired on or after 23th aug but before 1 Apr 2020 and put to use before 1apr 2020
other than those in a business them on hire , the rate of depreciation will be 30%.
(earlier the rate was 15%)
in case of motor buses, motor taxies, motor lorries used in a business of running them on hire , the rate of dep will be 45%
(earlier the rate was 30%)
If motor vehicle is acquired in January 2020 then what will be the depreciation rate ?
The rate for dep is: if use of motor car in hiring business then 45% otherwise rate will be 30%.
since you used less than 180 days hence 50% of the amount of dep will be allowed.
since you used less than 180 days hence 50% of the amount of dep will be allowed.
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