Higher depreciation on commercial vehicle, Income Tax

[Kishor Vishnu]

During the financial year 2008-09 ( A Y 2009-10) a motor car ( i.e. Light Motor Vehicle) purhcased between the period 1.1.2009 to 31.3.2009. There was a provision of depreciation to be charged @ 50%. Now, what should be the rate of depreciation for the financial year 2009-2010 ( i.e. A Y 2010-10) for WDV as on 1.4.2009 for the same LMV (motor car)? Whether it is 50% or 15% ?

Posts / Replies

[Surender Gupta]

IT will remain to be 50% for the subsequent years. See entry no. (via) within the block plant and machinery in the Annexure 1 of the Income Tax Rules, 1962