depreciation

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..... depreciation
Query (Issue) Started By: - SARVESH BALDI Dated:- 23-11-2012 Last Reply Date:- 27-11-2012 Income Tax
Got 3 Replies
Income Tax
sir we have hired tippper & receive hire charge .....

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..... s & same is taxed as business income. what rate of dep. allowable-: 1. nornal rate ie 15% under plant & machinery or 2.motor buses motor lorries used in business of running them on hire - 30% ---- .....

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..... can tippers be classified as motor lorries???? also suggest relevant latest case laws Reply By CA GOPALJI AGRAWAL: The Reply: The Tippers, Vibrators and Vibrators soil compactors are commercial ve .....

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..... hicle eligible for higher rate of depreciation @ 30% You may visit the below case law 2012 (5) TMI 7 - PUNJAB & HARYANA HIGH COURT Reply By SARVESH BALDI: The Reply: sir actually we have given t .....

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..... ippers on hire & hire charges r received. then also can we claim deprciation under commercial vehicle ?? or under motor vehicles lorries given on hire & hiring is business os assessee?? Reply By CA G .....

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..... OPALJI AGRAWAL: The Reply: Of course, if the tippers are given and hiring charges is being recd, you would be entiled for higher depreciation.
Discussion Forum - Knowledge Sharing .....

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