CA STUDENT
50 Points
Joined September 2009
Hi Megha,
Have a nice day!
I got the your point.
Where an asset acquired during the year is put to use for the purpose of business or profession for a period of less than 180 days in a year, depreciation allowance shall be restricted to 50% of the amount calculated at prescribed rates.
01) Motor-cars (other than those used in business of running them on hire) acquired or put to use on or after 1st April, 1990 than Rate of Depreciation is 15% P.A.
02) Motor buses, Motor lorries and Motor taxies used in a business of running them on hire than Rate of Depreciation is 30% P.A.
Thanking You,
Hitesh - CA Student from Ahmedabad