Rate of Depreciation

Kshirod Barik (Finance Officer) (46 Points)

18 June 2010

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8 Replies

Shweta Garg (CA FINAL Executive(Payables)) (147 Points)
Replied 18 June 2010

it would be vehicle and the rate of depreciation will be the same as on vehicles.

Abhimanyu Bind (CA Final Student & Audit Assitant) (2051 Points)
Replied 18 June 2010

Depreciation rate of Machinery will be applicable on the same. i.e. 15%

Ankit CA and CS (Manager - Accounts) (204 Points)
Replied 18 June 2010

If SLM then rate will be 9.5% and WDV 25.89%... as per nSch XIV of Companies Act...

(Guest)

Income Tax Act.

Vehicle running on hire (That mean you have to offer hiring charges as income from such vehicle) then rate of depreciaition is 30%.

Vehicle used in business of other than running on hire - 15%

Arvind Sharma (ACA) (1432 Points)
Replied 18 June 2010

as per Income Tax 30%

and as per Companies Act, it is 16.21% SLM or 40%WDV

Neha Thalla (CA & CWA Student) (63 Points)
Replied 18 June 2010

Depreciation on that vehicle would be @ 15% as per Income Tax Act, 1961

Devendra (Chartered Accountant) (4775 Points)
Replied 18 June 2010

Depreciation will be @ 15%. And if it is let out on hiring/plying then it will be 30%.

Manish (CA Final Student) (201 Points)
Replied 18 June 2010

25.89% as per companies act and 15% as per income tax

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