Rate of dep for cycle

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SANIA

SANIA (Querist)
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28 September 2014 friends,what will be the rate of depreciation in case of cycle(simple cycle)

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 September 2014 Rate of Depreciation under income Tax Act is 15%.

SANIA

SANIA (Querist)
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28 September 2014 BUT ONE OF MY FRIEND IS SAYING THAT ,AS THERE IS NO MACHINERY FITTED SO DEP. RATE IS 10%, IS HE RIGHT?

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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29 September 2014 http://www.vohraandsehgal.com/utilities/depreciation.htm#note5

Check out the rates from above link. See where can you apply rate @10%. In my view 15% rate will apply.

shivaji prasad bhimavarapu

shivaji prasad bhimavarapu (Expert)
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29 September 2014 It can be given depreciation @15% under the category of Machinery.There is no specific rate as in the case of other two wheelers also.