Additional depreciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 September 2014
During F.Y 2012-13 machines worth Rs.45,50,000 were purchased but not installed.During F.Y 2013-14 Plant worth Rs.48,25,000 was purchased.Both the plant & Machinery were installed in 2013-14 and commercial production started on 15/05/2013.
Question: For Additional Depreciation whether i shall be eligible on Rs.93,75,000 ( 45,50,000+43,25,000) or only on Rs.48,25,000???
Question: For Additional Depreciation whether i shall be eligible on Rs.93,75,000 ( 45,50,000+43,25,000) or only on Rs.48,25,000???
11 September 2014
yes even if installed u are eligible for the same
11 September 2014
Ans. You are eligible for total value of machinery installed during previous year
Yes you can claim Additional depreciation in the year in which installation is completed.
Yes.Date of completion of installation is relevant and not the purchase date for claiming additional depreciation.
Hope you have installation certificate from chartered engineer or the person who installed the machinery in your factory
.
.
to confirm date of installation.
.
.
Installation certificate generally contain words like,
Installation is completed in all respects and machine is ready for commercial production and it is dated..XXXX
Yes you can claim Additional depreciation in the year in which installation is completed.
Yes.Date of completion of installation is relevant and not the purchase date for claiming additional depreciation.
Hope you have installation certificate from chartered engineer or the person who installed the machinery in your factory
.
.
to confirm date of installation.
.
.
Installation certificate generally contain words like,
Installation is completed in all respects and machine is ready for commercial production and it is dated..XXXX
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
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Opting our of sec 44AD
- Value of property in capital gain
- LC charges in relation to Asset purchased should be Capitalised ?
- Multiple trade mark
- Regarding appeal to GSTAT
- Regarding TDS Applicability For Director Remuneration
- Copyright software
- Transporter Declaration form
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Taxation on Swing Trading Income (No Other Income)
- GST Treatment of Insurance Commission for Existing GST Holder
- 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
