23 September 2013
As per the Income tax act depreciation rate for the vehicles used for business purpose(transport operation) is 30%. If such asset is purchased on or after 1st October of the concern year then the depreciation rate shall be the 50% of the above rate for such year.
Thus in your case depreciation rate is 15% for A.Y 2013-14 because of you purchased it after 1st October 2012.
24 September 2013
You mean trucks are used by the assessee for his own business use means like transport of goods from factory to godwon etc... means use for his own business operations. In such case depreciation rate is 15% and 7.5% respectively.
24 September 2013
Is assessee separately charging transportation fees i.e frights separately for transport of goods to the wholesalers(buyers) premises then it comes under business category and liable for depreciation @30% and 15% respectively.
In case separately not charging frights then it uses for his own business then comes under 15% and 7.5% category respectively.
25 September 2013
Yes, it is comes under plant and machinery category and 15% block if it is used for own business or professional purpose and 30% block if it is used for transport operation business.
Sir, if the asset comes in the block 8 as mentioned above,
then my doubt is that whether this depreciation be allowable since i have copied the above lines from reckoner for A. Y. 2013-14 and it is giving a closed rate of depreciation.
Sir, as per my understanding, the truck falls under block 8 (ii) and the categorization only explains asset bought in 2009 for which 50% depreciation is allowable....in the depreciation rates for A.Y. 2013-14 also the same year 2009 is mentioned and not any year later than this.
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