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shivani

shivani (Querist)

01 May 2009 sppouse we install machinery on 31 march than we able to charge one day dep. on that on that machinery

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)

01 May 2009 Yes. You have to charge one day depreciation as per companies act, and as per income tax act you are eligible for 6months depreciation.

Since you are accounting on fag end of the fincancial year you should have proper data and supporting documents with you that the machinery has been installed and utilised on 31st march.

taxindiaconnect

taxindiaconnect (Expert)

02 May 2009 Agreed. A production log sheet of the machine supported by the excise reocrds and a certificate of installation from the vendor / chartered engineer would be required to claim the depreciation as per IT Act.

Mukund

Mukund (Expert)

03 May 2009 Yes,you can claim the depreciation as per company act & I Tax act but condition is that machine should be put to use before 31st march & valid certificate from engineer is to be produce as and when required by IT Dept

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