Depreciation

What is your doubt?

CA Suraj Lakhotia

Admin

31-Oct-20 17:29

I had given taxation mock test, answer for this objective is (b). But I didn't get it

Thread Starter

lakhan Khandelwal

CA Inter

★ 0

01-Nov-20 11:06

Depreciation rate if car used in business of hire is 30% Depreciation rate if car used other than business of hire is 15% Depreciation rate if asset purchased is put to use for less than180 days in the previous year than depreciation rate is 50% of actual rate. That is 15% in case of car used in business of hire and 7.5% in case of car used other than business of hire

anil vagvala

CA Inter

★ 720

01-Nov-20 20:49

Depreciation for akash who runs cars on business of hire is as follows For the block of assets that is cars on 1/4/2019 value 50,00,000 depreciation is 50, 00,000*30%=1, 50,000 For car purchased on 1/11/2019 value 5,00,000. This car has been put to use for less than 180 days, that is from 1/11/2019 to 31/3/2020. So depreciation rate is 15%

anil vagvala

CA Inter

★ 720

01-Nov-20 21:00

So depreciation for akash is 50,00,000*30%=15, 00,000 5,00,000*15%=75000 Total of 15,00,000+75, 000= 15,75,000

anil vagvala

CA Inter

★ 720

01-Nov-20 21:05

For vikas who has put to use his car for less than180 days, (1/11/2019 to 31/3/2020), for purpose other than business on hire, depreciation is 5,00,000*7.5%=37, 500

anil vagvala

CA Inter

★ 720

01-Nov-20 21:09

Increased rate of depreciation in respect of motor vehicles acquired and put to use during the period from 23.8.2019 to 31.3.2020 [Notification 69/2019 dated 20.9.2019] Motor buses, motor lorries and motor taxis used in a business of running them on hire, acquired during the period from 23.8.2019 to 31.3.2020 and put to use on or before 31.3.2020 - 45%

CA Suraj Lakhotia

Admin

02-Nov-20 18:51