Wht is the rate of depreciation to b claimed for a motor car puchased on 1.2.2009 for the use of business ?
CA. Megha Topiwala (Job) (1534 Points)
26 September 2009Wht is the rate of depreciation to b claimed for a motor car puchased on 1.2.2009 for the use of business ?
Ananya
(Articled Clerk)
(23 Points)
Replied 26 September 2009
Whether the circular in which rate of dep is 50% for income tax purpose which was recenly issued is applicable for Motor Car Depreciation? I have a confusion on this the notification says that car which has been purchased after 1.1.09 and put to use before sept 09, one can claim the depreciation as per new rate. But it is written that this notification is applicable from 1.04.09. Then what about the "put to use" which contradicts the statement. (Notification No. 37/2009[F No. 142/01/2009] dated April 01,2009)
Originally posted by :Born To Rule | ||
" | As per companies Act 25.89% (calculate as per no of days) for Income tax purpose 15% since it is less tha 6 months therefore 7.5% if It is used as hiring and plying purpose then 30% and accordingly for 6 months 15% |
" |
ya it's right
Originally posted by :Born To Rule | ||
" | As per companies Act 25.89% (calculate as per no of days) for Income tax purpose 15% since it is less tha 6 months therefore 7.5% if It is used as hiring and plying purpose then 30% and accordingly for 6 months 15% |
" |
Agreee
sateesh
(B.com,cwa,ca)
(195 Points)
Replied 27 September 2009
hi
As per the Notification 10/2009 one can claim depreciation of 50% on vehicles purchased after 01.01.2009 and before 30.09.2009
CA. Megha Topiwala
(Job)
(1534 Points)
Replied 28 September 2009
Originally posted by :sateesh | ||
" | hi As per the Notification 10/2009 one can claim depreciation of 50% on vehicles purchased after 01.01.2009 and before 30.09.2009 |
" |
Will this rate of 50% b applicable 4 nov 09 exms.????
also further rate of 15% will also b there over n above 50%????
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India