Cost Determined and Amount Received in Case of Disposal of Passenger Transport Vehicle
Where in any tax year, a person disposes of the above asset, the cost of
such asset is determined and the amount is received by applying the income
tax rules laid down under the Income Tax Ordinance.
Depreciation Allowance in Case of Asset Owned by Leasing Company, Bank etc.
Depreciation is allowed in respect of asset, if the same is owned by a leasing company or an investment bank or a modaraba or a scheduled bank or a development finance institution. Any asset which is given on lease by a leasing company and bank etc. to another person, Dfa Ho an allowance for depreciation shall be allowed against income from lease rentals only.
Depreciation Allowance in Case of Cars and Jeeps not Plying for Hire
The cost of a depreciable asset being a passenger transport not plying for hire shall not exceed Rs. 20,00,000.
