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
- Is any professional CA is here please reply
- Reopen of assessment proceeding
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Putting a heading on received mail
- Gift Received from nonblood relative
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Experts need help
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Rental income gst and it purpose
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
