Dep U/s32

satyendra kumar singh (Manager-Finance & Accounts) (100 Points)

12 April 2011

we are using own vehicle (trucks ) in our business . trucks are using for own goods carriage from one branch to another branch.

Please tell me what depreciation rate will be applicable on it ?

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Harpreet (* * * * * *) (1670 Points)
Replied 12 April 2011

You did not disclosed that whether you are asking the rate for company or firm (prop or partnership)

As per income tax act the rates are the following:

III	Machinery and plant : (See Note 3)
1	Machinery and plant other than those covered by sub-items 2, 3 and 8 below		15
2	Motor-cars (other than those used in business of running them on hire) acquired or put to use on or after 1st April, 1990.		15
3	i.	Aeroplane — Aeroengines	40
	ii.	Motor buses, Motor lorries and Motor taxies used in a business of running them on hire.	30
	iii.	Commercial vehicle acquired on or after 1.10.1998 but before 1.4.1999 and is put to use before 1.4.1999 for the purposes of business or profession.	40
	iv.	New commercial vehicle acquired on or after 1.10.1998 but before 1.4.1999 and is put to use before 1.4.1999 in replacement of condemned vehicle of over 15 years of age for the purpose of business or profession.	60
	v.	New commercial vehicle acquired on or after 1.4.1999 but before 1.4.2000 in replacement of condemned vehicle of over 15 years of age and is put to use before 1.4.2000 for the purpose of business or profession.	60
	vi.	New commercial vehicles acquired on or after 1-4-2001 but before 1-4-2002 and is put to use before 1-4-2002 for the purpose of business or profession.	50
	vi.a)	New commercial vehicle acquired on or after 1-1-2009 but before 1-4-2009 and put to use before 1-4-2009 for the business or profession	50

Rates as per Company Act are following:

Rates of depreciation

Nature of assets	Single Shift		Double Shift		Triple Shift
	WDV	SLM	WDV	SLM	WDV	SLM
1	2	3	4	5	6	7
II. PLANT AND MACHINERY
¹[(i) General rate applicable to,—
(a) plant and machinery (not being a ship) other than continuous process plant for which no special rate has been prescribed under (ii) below	13.91%	4.75%	20.87%	7.42%	27.82%	10.34%