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TMI BlogDepreciation @ 30% on hire basis applicabilityX X X X Extracts X X X X X X X X Extracts X X X X ..... Sir, We have bought a poclain or excavator (no wheels but chain mounted) and give them to a factory owner on hourly rate basis although driver and repair maintenance expenses to be borne by us bu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t diesel to be provided by them. We do not have any other control on the machine. I would like to know whether it will tantamount to provide them on hire although driver and helper is on our own accor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. (TDS deducted u/s. 194(I)(a) @ 2% by the factory owner).(Also SAC Code - 9973 is used for invoicing). Secondly, if say it is on hire, can i take depreciation @ 30% every year under section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 32 of Income Tax Act . In Sec. 32 it says about motor cars, motor lorries or motor taxis used in the business of running them on hire @ 30%, does excavator or poclain will be covered in the above? ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Or Sec. 32 talks about additional depreciation @ 30% in the first year of purchase. Am i entitled to take 30% depreciation in the first year only and then @ 15% normal rates from the next year. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Thanks Regards. - Depreciation @ 30% on hire basis applicability - Query Started By: - Kush Lodha Dated:- 18-3-2021 Income Tax - Income Tax - Discussion Forum - Knowledge Sharing, reply post ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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