I have heard that for nov 17 exams of direct tax if there is any asset charged at more than 40% depreciation then the rate is restricted to 40% only.. Is this amendment correct... Will it be applicable for coming attemp?
anuja (student) (38 Points)
15 September 2017I have heard that for nov 17 exams of direct tax if there is any asset charged at more than 40% depreciation then the rate is restricted to 40% only.. Is this amendment correct... Will it be applicable for coming attemp?
Sumati Bengani
(1)
(1570 Points)
Replied 15 September 2017
the said amendment is effective from 01.04.2017, but the same has not been included in supplemeentary amendment book & rtp amendments!
https://www.incometaxindia.gov.in/communications/notification/notification103_2016.pdf
Deepak Gupta
(CA Student)
(15922 Points)
Replied 15 September 2017
| Originally posted by : Sumati Bengani | ||
 |
the said amendment is effective from 01.04.2017, but the same has not been included in supplemeentary amendment book & rtp amendments! https://www.incometaxindia.gov.in/communications/notification/notification103_2016.pdf |
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Applicable for Nov-2017 CA Final Exams.
The said notification is covered under Annexure to the RTP, Page No. 71/98 of file or printed 111. https://bit.ly/2h67wry
Ashiwini Ballodia
(Managing Partner at TAXounting)
(8727 Points)
Replied 15 September 2017
Normal rate of depreciation restricted to a maximum of 40% that can be claimed as deduction under section 32, in case of a domestic company opting to pay tax @ 25% under section 115BA.
Here I am also attaching the PDF file for Amendments that were not applicable for May 2017 Exams but are applicable for Nov 2017 Exams)
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