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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

Balamurali Unnithan M S

CA Inter

3K+

05-Jun-21 22:58

322

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

Yoga Vishnu

CA Final

11K+

07-Jun-21 16:03

Kindly replay?


Thread Starter

Balamurali Unnithan M S

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

Deva Kalathuru

CA Inter

65

06-Jun-21 16:55

Yeah, Sir. Check the date pls mentioned.


Thread Starter

Balamurali Unnithan M S

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

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

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

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

Balamurali Unnithan M S

CA Inter

3K+

06-Jun-21 18:12

Kindly clear it?


Thread Starter

Balamurali Unnithan M S

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

Yoga Vishnu

CA Final

11K+

07-Jun-21 10:59

Vishnu Sir?


Thread Starter

Balamurali Unnithan M S

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

Balamurali Unnithan M S

CA Inter

3K+

07-Jun-21 16:06

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