RATE OF DEPRECIATION ON BUS

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 October 2010 I have bought bus for plying between two towns daily.

What is the rate of depreciation which I can claim and can you give me the section in which this is covered.

Regrds

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
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19 October 2010 Plz see the annexure 2 for rate of depreciation.

The rate of depreciation is 30%

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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19 October 2010 Motor buses, motor lorries and motor taxis used in a business of running them on hire
Rate of Depreciation 30%

For details see following link---

http://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=ITRU&schT=rul&csId=4a23cee1-1818-45d6-ab19-f155e08ed789&rNo=&sch=&title=Taxmann

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