08 December 2019
Hello, As per notification No. 69/2019, it is mentioned at 30% for Motor cars, other than those used in a business of running them on hire, acquired on or after the 23rd day of August, 2019 but before the 1 day of April, 2020 and is put to use before the 1 day of April, 2020. My query is whether dep @ 30% is on p.a. basis. So, for the car purchased after 30th Sept.2019 but before 31/3/2020 will get 15% depreciation ( being car bought and put to use in second half of the financial year 2019-20). Am I right? please advice. Thanks.
29 May 2020
If it used for less then 180 Days during the FY. Half Depreciation will be levied and if it is more than 180 Days full depreciation rate will be applicable.
CAclubindia
