OUTCOME OF SUPPORT OF ALL THE MEMBERS OF BCAA

DEPRECIATION ON NEW COMMERCIAL VEHICLES:
The eligibility for claiming depreciation @50% on New Commercial Vehicles has been extended from 1st April,2009 to 1st October,2009. Hence, the new commercial vehicles acquired upto 30th September,2009 are eligible for claiming higher depreciation @50%
New Depreciation Schedule
III. MACHINERY AND PLANT
(via) New commercial vehicle which is acquired on or after the 1st day of January, 2009 but before the 1st day of [April, 2009] October,2009 and is put to use before the 1st day of [April, 2009] October,2009 for the purposes of business or profession [See paragraph 6 of the Notes below this Table] 50.
Income-tax (Eleventh Amendment) Rules, 2009 - Amendment in New Appendix 1
NOTIFICATION NO. 37/2009 [F.No.142/01/2009-TPL],
DATED 21-4-2009
In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules 1962. Namely:
1. 1. (1) These rules may be called the Income-tax (Eleventh Amendment) Rules, 2009.
(2) They shall come into force with effect from the 1st day of April, 2010.
2. 2. In the Income-tax Rules, 1962, in the Table to New Appendix 1, in Part-A relating TANGIBLE ASSETS, under the heading III, MACHINERY AND PLANT, in sub-item (via) of item (3), for the words and figures 1st day of April, 2009, the words and figures 1st day of October, 2009 shall be substituted at both the places.

compiled by CA Rajesh P Langalia