Deprication

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Assistant
362 Points Posted on 20 February 2021
Dear Sir

please provide deprication rate % of four wheeler and if we have purchased four wheeler in 1 January 2021 so we are eligible for derperication in 3 months or 6 months from october to March
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On 20 February 2021 at 21:20 Report
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Quick Summary
This discussion clarifies depreciation rates and eligibility for four-wheelers in the UK, particularly for assets purchased during the tax year. It explains that if a vehicle is used for less than six months, half the depreciation can be claimed. The conversation also touches upon GST ITC and clarifies that depreciation cannot be claimed on the ITC portion of an asset's cost.

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"Do the Right Thing...!!!"
128157 Points Posted on 20 February 2021
If you are asked depreciation under income tax act then you will provide 6 months value...
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On 20 February 2021 at 21:53
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Assistant
362 Points Posted on 20 February 2021
Sir
4 wheeler value is approximately Rs.20 Lacs
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On 20 February 2021 at 21:58
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"Do the Right Thing...!!!"
128157 Points Posted on 20 February 2021
No problem...
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On 20 February 2021 at 22:04
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Chartered Accountant
24588 Points Posted on 21 February 2021
Half of depreciation will be charged as it used for less than 6 months
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On 21 February 2021 at 06:31
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629 Points Posted on 21 February 2021
20% Disc in Certification Courses. GST FM IFRS Excel Coupon Code: DIS20



Sir,

please advise suppose a person purchased Innova-four Wheeler on 16 Feb 21 for business purposes. He has paid Rs. Eighteen Lac's via RTGS Can he pay balance payment Rs.170000 via cash and can he is eligible to Claim deprecation from 1 October 20 to March 2021
Deprecation % is 15%or 45%
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On 21 February 2021 at 08:06
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"Do the Right Thing...!!!"
128157 Points Posted on 21 February 2021
- Cash payments not allowed...

- depreciation rate for vehicle @ 15%. You can provide depreciation from October as per above query ( 15% / 2 )
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On 21 February 2021 at 16:41
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629 Points Posted on 21 February 2021
Thank you Very much Sir
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On 21 February 2021 at 19:42
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In Practice
1951 Points Posted on 22 February 2021

He can claim depreciation @ 7.5% on the amount paid via RTGS portion only. 

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On 22 February 2021 at 00:54
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17269 Points Posted on 22 February 2021
Half of normal 15% depreciation.
1 Reply
On 22 February 2021 at 11:12
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B.Com
26 Points Posted on 23 February 2021

I purchased any fixed asset like machinery/car etc, Can I claim for ITC in gst and also depreciation.

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On 23 February 2021 at 13:29
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"Do the Right Thing...!!!"
128157 Points Posted on 23 February 2021
I think Yes***
Bcoz, want more details about Your business and it's activities
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On 23 February 2021 at 21:37
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In Practice
1951 Points Posted on 02 March 2021

Depreciation cannot be claimed on ITC portion. 

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On 02 March 2021 at 17:37

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