Additional Deprecation
This query is : Resolved
Monil Shah
(Querist)
17 March 2008
IS additional Depreciation allowable for machinery for AY 2008-2009 ? If yes what is the percentage for additional depreciation for the year ended 31/03/2008.
Gayathri Devi
(Expert)
17 March 2008
As per Sec 32Income tax Act,1956 20% is the rate for calculating additional depriciation.
The Plant & Machinery should be purchased after 31.03.2005.This is not applicable to ships & aircraft. This is claimed inaddition to normal depriciation.
For example, if normal depriciation is Rs100000 & additional depriciation is Rs.25000 then assessee can claim Rs.125000 as depriciation.
If assest is used below 180 days then 10% should be calculated as per act
The Plant & Machinery should be purchased after 31.03.2005.This is not applicable to ships & aircraft. This is claimed inaddition to normal depriciation.
For example, if normal depriciation is Rs100000 & additional depriciation is Rs.25000 then assessee can claim Rs.125000 as depriciation.
If assest is used below 180 days then 10% should be calculated as per act
CA. Amit Daga
(Expert)
17 March 2008
a
Mandeep Singh
(Expert)
17 March 2008
yes additional dep is available @20% if machinery is used for more than 180 days and 10% if it is used for not more than 180 days.
17 March 2008
ADDITIONAL DEPRICIATION @ 20% SHALL BE ALLOWABLE WHERE THE ASSET IS USED FOR MORE THAN 180 DAYS
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