Depreciation @ 30% on hire basis applicability

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....epreciation @ 30% on hire basis applicability<br> Query (Issue) Started By: - Kush Lodha Dated:- 18-3-2021 Income Tax<br>Income Tax<br>Sir, We have bought a poclain or excavator (no wheels but chain ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....mounted) and give them to a factory owner on hourly rate basis although driver and repair & maintenance expenses to be borne by us but diesel to be provided by them. We do not have any other control o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n the machine. I would like to know whether it will tantamount to provide them on hire although driver and helper is on our own accord. (TDS deducted u/s. 194(I)(a) @ 2% by the factory owner).(Also SA....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....C Code - 9973 is used for invoicing). Secondly, if say it is on hire, can i take depreciation @ 30% every year under section 32 of Income Tax Act. In Sec. 32 it says about motor cars, motor lorries o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r motor taxis used in the business of running them on hire @ 30%, does excavator or poclain will be covered in the above? Or Sec. 32 talks about additional depreciation @ 30% in the first year of pur....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....chase. Am i entitled to take 30% depreciation in the first year only and then @ 15% normal rates from the next year. Thanks & Regards.<br> Discussion Forum - Knowledge Sharing ....