Depreciation on Motor car and Motor cycle

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35 Points Posted on 30 September 2021
please give rate of Depreciation of Motor car and Motor cycle for Firm and Individuals for A.Y 2021-22
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On 30 September 2021 at 12:52 Report
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This discussion clarifies the depreciation rates for motor cars and motorcycles applicable for the Assessment Year 2021-22 in the UK. It outlines the calculation method and specifies that under the Income Tax Act, 1961, both cars and cycles are subject to a 15% depreciation rate. This applies to both business and individual tax considerations.

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Master in Accounts & high court Advocate
9620 Points Posted on 30 September 2021

Depreciation rate can be calculated as follows

Total cost of the vehicle  - Scrap value X 100 divided by life of the vehicle = % of depreciation.

 

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On 30 September 2021 at 13:53
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Practice
3235 Points Posted on 30 September 2021
Depreciation rate as per Income Tax Act, 1961 is 15% on both car and cycle...
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On 30 September 2021 at 18:02

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