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.
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Stamp Paper for partnership firm change new income tax 2025
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- SFT Cash Deposit in Current Account
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
