Additional depreciation
This query is : Resolved
21 April 2015
Year of acquisition and installation should be same or can be different for claiming additional depreciation?
As provision use word and I think it should be same year.
Kindly reply with supporting of case law etc
As provision use word and I think it should be same year.
Kindly reply with supporting of case law etc
26 April 2015
Can be claimed in the year of purchase if the asset is put to use in the same year.
Amendment in Budget 2015:
To remove the discrimination in the matter of allowing additional depreciation on plant or machinery used for less than 180 days and used for 180 days or more, it is proposed to provide that the balance 50% of the additional depreciation on new plant or machinery acquired and used for less than 180 days which has not been allowed in the year of acquisition and installation of such plant or machinery, shall be allowed in the immediately succeeding previous year. This amendment will take effect from 1st April, 2016 and will, accordingly, apply in relation to the assessment year 2016-17 and subsequent assessment years.
See more at: http://taxguru.in/income-tax/additional-depreciation-plant-machinery-180-days.html#sthash.vtswuAaF.dpuf
Amendment in Budget 2015:
To remove the discrimination in the matter of allowing additional depreciation on plant or machinery used for less than 180 days and used for 180 days or more, it is proposed to provide that the balance 50% of the additional depreciation on new plant or machinery acquired and used for less than 180 days which has not been allowed in the year of acquisition and installation of such plant or machinery, shall be allowed in the immediately succeeding previous year. This amendment will take effect from 1st April, 2016 and will, accordingly, apply in relation to the assessment year 2016-17 and subsequent assessment years.
See more at: http://taxguru.in/income-tax/additional-depreciation-plant-machinery-180-days.html#sthash.vtswuAaF.dpuf
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Regarding appeal to GSTAT
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- LC charges in relation to Asset purchased should be Capitalised ?
- Multiple trade mark
- Regarding TDS Applicability For Director Remuneration
- Value of property in capital gain
- Transporter Declaration form
- Copyright software
- Invoice V/S Goods receipt Note Date
- Form 121 & TDS deduction
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
