Depreciation
This query is : Resolved
chandrasekhart
(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
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%.
.
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%.
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%.
.
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%.
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.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
