Depreciation on Asset purchased under "TUFS"
This query is : Open
Parul Ghosh Dastidar
(Querist)
03 May 2011
The Assets under TUFS- Technology Upgradation Funds Scheme of Ministry of Textiles are eligible for deprecation at 50%.(section 32)
TUFS is extended upto 31.03.2012.
But the Income Tax Act says the asset put to use before 01.04.2004 are eligible for depreciation @ 50 (Section 32)
What is the implication of extension of TUFS ??
Is it the asset should be put to use on or before 01.04.2004 and such asset would be eligible for depreciation @ 50% till 31.03.2012
or the asset can be purchased and put to use on or before 31.03.12???
TUFS is extended upto 31.03.2012.
But the Income Tax Act says the asset put to use before 01.04.2004 are eligible for depreciation @ 50 (Section 32)
What is the implication of extension of TUFS ??
Is it the asset should be put to use on or before 01.04.2004 and such asset would be eligible for depreciation @ 50% till 31.03.2012
or the asset can be purchased and put to use on or before 31.03.12???
CA MANOJ GUPTA
(Expert)
03 May 2011
MACHINERY PURCHSED UNDER TUFS ON OR AFTER 1-4-2001 BUT BEFORE 1-4-2004 AND PUT TO USE BEFORE 1-4-2004 ARE ONLY ELIGIBLE FOR DEP AT 50%
THE RATE WILL BE SAME TH OUT THE USEFUL LIFE OF THE ASSET
CA MANOJ GUPTA
JODHPUR
09828510543
THE RATE WILL BE SAME TH OUT THE USEFUL LIFE OF THE ASSET
CA MANOJ GUPTA
JODHPUR
09828510543
Message likes :
1 times
Parul Ghosh Dastidar
(Querist)
03 May 2011
Thank You Mr Manoj. Can you please provide any text or any proof evidencing you r stand, as I have to give the same to my client
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
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- 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
