Additonal depreciation for the first year
This query is : Resolved
03 February 2015
ONE OF MY CLIENT HAS A BUSINESS OF GIVING TRUCKS ON HIRE CAN HE CLAIM ADDITIONAL DEP OF 20% IN THE FIRST YEAR OF PURCHASE OF ASSETS
03 February 2015
Not eligible for claiming additional depreciation.
In order to give impetus to the manufacturing sector an additional depreciation of 20% is granted under section 32(1)(iia) of the Income-tax Act, 1961 for machinery or plant acquired by a taxpayer who is engaged in the business of manufacture or production of article or thing or in the generation or generation and distribution of power.
In order to give impetus to the manufacturing sector an additional depreciation of 20% is granted under section 32(1)(iia) of the Income-tax Act, 1961 for machinery or plant acquired by a taxpayer who is engaged in the business of manufacture or production of article or thing or in the generation or generation and distribution of power.
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