Dep. on Plant & Machinery...Urgent Sir!!!
This query is : Resolved
25 September 2010
Dear Experts,
Tools & Equipments
Electrical Fittings
EPBX Telephone connector
All the above items are purchased during the year and it has also been classified in Block 15%(15% - dep. rate) which is applicable for Plant & Machinery.
Since Plant & Machinery purchased after 31.3.2005 are eligible for additional depreciation @ 20% can i claim the additional depreciation on the above items also?
With regards,
Rajesh.
Tools & Equipments
Electrical Fittings
EPBX Telephone connector
All the above items are purchased during the year and it has also been classified in Block 15%(15% - dep. rate) which is applicable for Plant & Machinery.
Since Plant & Machinery purchased after 31.3.2005 are eligible for additional depreciation @ 20% can i claim the additional depreciation on the above items also?
With regards,
Rajesh.
Aditya Maheshwari
(Expert)
25 September 2010
Section 32(iia) states that
Provided that no additional depreciationa allowable in respect of—
(C) any office appliances or road transport vehicles; or
So not allowed in the above.
Provided that no additional depreciationa allowable in respect of—
(C) any office appliances or road transport vehicles; or
So not allowed in the above.
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CA. Praveen Narayan
(Expert)
25 September 2010
Additional Depreciation claim is available only in case of Eligible Plant & Machinery, wherein all Plant & Machineries are eligible except the following:
· Ships & Aircrafts; or
· Any machinery/ plant which is and Old/ Second hand.
· Any machinery/ plant installed in any office/ residential accommodation/ guest house accommodation.
· Any machinery/ plant whose total actual cost is allowed as a deduction in computing business income in any if one previous years.
If the above conditions are satisfied, u can claim addl depre on th assets listed by u..
· Ships & Aircrafts; or
· Any machinery/ plant which is and Old/ Second hand.
· Any machinery/ plant installed in any office/ residential accommodation/ guest house accommodation.
· Any machinery/ plant whose total actual cost is allowed as a deduction in computing business income in any if one previous years.
If the above conditions are satisfied, u can claim addl depre on th assets listed by u..
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CA. Praveen Narayan
(Expert)
25 September 2010
EPBX Telephone connector may come under offic equipmnts... so nt availabl..
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