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.
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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