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Depreciation

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(Querist)
27 December 2014 Dear experts I would like to know that we have started our unit in the financial year 2012-14 and installed the machinery in the same year. Shall we eligible for availing the depreciation 15% on the machinery . Ours is a engineering works unit.Pl clarify my quarry in a detailed manner. Thanking you yours faithfully Chandrasekhar
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
27 December 2014 You are eligible to claim depreciation as you have already started the unit.
.
You can claim depreciation at full rate i.e @15%, if the machinery have been used for more than 180 days during the FY. In case used for less than 180 days you can claim Depreciation @ 7.5%.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
27 December 2014 You are eligible to claim depreciation as you have already started the unit.
.
You can claim depreciation at full rate i.e @15%, if the machinery have been used for more than 180 days during the FY. In case used for less than 180 days you can claim Depreciation @ 7.5%.
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CA Kumar Mukesh

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CA Kumar Mukesh (Expert)
28 December 2014 Dear Mr. Chandrasekhart,
As per companies Act, you need to calculate Depreciation from the date of Installation.

However, under income tax depreciation required to be computed from the date of actual put to use under the section 32.
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