Additonal depreciation for the first year

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ANIL SHARMA (Querist)
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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

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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.

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