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PGBP

Direct Taxation

In the 11th video of PGBP explaining block of assets, it says about the motor cars eligible for 30% depreciation. And there is a note explaining the charge of depreciation in 15% when the asset is put to use during 3.10.20 to 31.3.20. There is a confusion among the dates ?

Balamurali Unnithan M S

CA Inter

★ 3K+

05-Jun-21 22:58

378

Answers (13)

Best Answer

Thread Starter

Balamurali Unnithan M S

Oh, the date is not correct in the video?

It will be corrected.

Yoga Vishnu

CA Final

★ 11K+

07-Jun-21 16:03

Kindly replay?

Thread Starter

Balamurali Unnithan M S

CA Inter

★ 3K+

06-Jun-21 11:27

If any asset used for less than 180 days, then depreciation will be allowed at half rate. So assets purchased after 02nd Oct of any financial year will be depreciated at half rate.

Deva Kalathuru

CA Inter

★ 65

06-Jun-21 16:55

Yeah, Sir. Check the date pls mentioned.

Thread Starter

Balamurali Unnithan M S

CA Inter

★ 3K+

06-Jun-21 16:56

Don't go by the date because some financial years will be leap years. So go by number of days it was used in that financial year. If it is more than 182 days give full depreciation or else give half depreciation

Deva Kalathuru

CA Inter

★ 65

06-Jun-21 16:59

Yes, the date mentioned in the video is "an asset is put to use during 3.10.20 to 31.3.20".?

Thread Starter

Balamurali Unnithan M S

CA Inter

★ 3K+

06-Jun-21 17:00

If you have put to use date after 03.10.19, it's obvious that you have used it less than 182 days

Deva Kalathuru

CA Inter

★ 65

06-Jun-21 17:03

Sir, can u check the date in the query? It's said in the class.?

Thread Starter

Balamurali Unnithan M S

CA Inter

★ 3K+

06-Jun-21 18:12

Kindly clear it?

Thread Starter

Balamurali Unnithan M S

CA Inter

★ 3K+

07-Jun-21 10:27

Thread Starter

Balamurali Unnithan M S

Kindly clear it?

If the Motor cars (Other than for hiring) purchased during 23-08-2019 to 31-03-2020 and put to use during 03-10-2019 to 31-03-2020 - depreciation rate eligible is 30% but depreciation allowed will be @15% (half of 30%) The date in the video will be changed from 2020 to 2019

Yoga Vishnu

CA Final

★ 11K+

07-Jun-21 10:59

Yoga Vishnu

Oh, the date is not correct in the video?

Thread Starter

Balamurali Unnithan M S

CA Inter

★ 3K+

07-Jun-21 11:04

Vishnu Sir?

Thread Starter

Balamurali Unnithan M S

CA Inter

★ 3K+

07-Jun-21 15:56

Yoga Vishnu

It will be corrected.

Ok,thank u.

Thread Starter

Balamurali Unnithan M S

CA Inter

★ 3K+

07-Jun-21 16:06

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