doubt in tax

Hey i am totally confused with this notification.....

I understood only this " Hence, Normal Rate of depreciation on Motor Car is 15% only and if it is put to use for less than 180 days, it is 7.50%"

If any one are there please explain me too....

Thank you

aji ignore this,,, it will nt asked in the exam...........just depreciate that assets(motor Vehicle) by 50% in income tax calculation ..which are acquired between 01-01-2009 and 01-04-2009 and is put to use before 01-04-2009 for the purposes of business or profession...............okkkkkkkkkkkkkkk

NOTIFICATION NO

37/2009, Dated: April 21, 2009

In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1. (1) These rules may be called the Income-tax (Eleventh Amendment) Rules, 2009.

(2) They shall come into force with effect from the 1st day of April, 2010.

2. In the Income-tax Rules 1962, in the Table to New Appendix I, in Part-A relating to TANGIBLE ASSETS, under the heading III, MACHINERY AND PLANT, in sub-item (via) of item (3), for the words and figures “1st day of April, 2009”, the words and figures “1st day of October, 2009” shall be substituted at both the places.

F.No.142/01/2009-TPL

I do agree with shantanu you should ignore as it is given  aquired between 01-01-2009 and 01-04-2009 and is put to use before 01-04-2009 for the purposes of business or profession

thanks

plz explain this properly... its going above my head...

what is its tax implication for present... how will it be applicable now... 

one of my friend told that the rate of 50% will be applicable for acquiring commercial vehicle after 1.1.10

Rate of 50% will be applicable on Motor car as the most specific section or u can say item for motor car is item no.2 and no notification has come out for products faaling under this item no.

rate of 50% will b applicable but if it is put to use less than 180 days..halaf of it will b charged as depreciation..its specifically part of ITEM no 2...

It means that a " Heavy Commercial Vehicle " which is purchased during the period 2nd January 2009 to 30th April 2009 and put to use on or before 30th April 2009 for the purpose of business or profession, will be eligible for a depreciation  of 50 %. For this purpose the term Heavy vehicles EXCLUDES Motor Cars