Additional depreciation
This query is : Resolved
30 June 2013
Additional depreciation allowed to manufacturing companies u/s 32 be claimed only once so if the assessee forgets to claim it in the 1st year of purchase of new machinery..can he claim it once in any of the subsequent previous years ? If yes, under the same section ?
30 June 2013
No this is not a matter of choice.
.
Additional Depreciation can be claimed in the very first year when the machine is first put to use. If Machinery is used for less than 180 days then only 50% depreciation will be allowed. The remaining 50% can not be claimed in the next year.
.
.
Additional Depreciation can be claimed in the very first year when the machine is first put to use. If Machinery is used for less than 180 days then only 50% depreciation will be allowed. The remaining 50% can not be claimed in the next year.
.
Message likes :
1 times
30 June 2013
Additional depreciation is the depreciation which is allowed by Income Tax Act over and above original depreciation of an asset subject to fulfillment of different condition as prescribe under the income tax act. So assessee can claiming total depreciation which is equal to Normal depreciation + additional depreciation =total depreciation
Additional depreciation is allowable only once in a life of an asset in the year of the purchase of such new plant and machinery.
Additional depreciation is allowable only once in a life of an asset in the year of the purchase of such new plant and machinery.
Message likes :
1 times
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
- Itr 1 processing
- ITR 2 Short Term gain & Long term gain
- Off Market debit and credit transaction
- Reporting Income under Section 44ADA
- Showing Gift from relative in ITR for this year
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR returnFY25-26
- Share accounting-->fifo - capital gain - period as per fifo?
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
