Depreciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 May 2015
I have purchase a machine for my factory on dated 03-02-2015 whose depreciation rate is 15%, what should be depreciation rate as on 31-03-2015. will it be charged at 15% or half i.e. 7.5%. will income tax department will allow the depreciation at 7.5% for just 2 months usage.
reply pls.
reply pls.
13 May 2015
As per Income Tax Act 50% of Normal Depreciation Rate can be charged as depreciation i.e., 7.5%.
The asset must have been used in the previous year, on which depreciation is claimable if:
#The asset is used for less than 180 days then 50% of the depreciation is claimable;
# Else if use is 180 days or more then full depreciation claim is allowable.
The asset must have been used in the previous year, on which depreciation is claimable if:
#The asset is used for less than 180 days then 50% of the depreciation is claimable;
# Else if use is 180 days or more then full depreciation claim is allowable.
CA Parul Saxena
(Expert)
14 May 2015
But as per the amendment made in finance act 15 balance 50% can be availed in the next financial year.
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