08 April 2010
Last year(i.e. 2009-10) it was declared that w'd get 50% depreciation on the cost of newly purchased car...so, I just want to now that whether we can avail this option in this current financial year(i.e.in 2010-11)or not?
Government of India / Ministry of Finance Department of Revenue Central Board of Direct Taxes *** New Delhi dated the 24th April 2009
PRESS RELEASE
The benefit of enhanced depreciation on commercial vehicles has been extended up to 30th September 2009. Now, commercial vehicles acquired on or after 1st January 2009 and put to use before the 1st October 2009 will be eligible for depreciation at the rate of 50 percent. The Central Board of Direct Taxes have issued a notification vide S.O. 989(E) dated 21st April 2009 (Notification No.37/2009/F.No.142/01/2009-TPL) to this effect, substituting the words “1st day of April 2009” with the words “1st day of October 2009”. Earlier, the benefit was made available for commercial vehicles acquired on or after 1st January 2009 and put to use before the 1st April 2009 vide a notification dated 19th January 2009.
CONCLUSION: 50% depreciation benefit only for those commerical vechile whic is put to use before 1st OCT 2009. HENCE FOR CURRENT YEAR IT IS NOT ALLOWED FOR PURCHASE OF NEW VECHILE.
CAclubindia
