Depreciation on Cement Plant and machinery
This query is : Resolved
17 May 2017
A company is engaged in manufacturing of cement It is a continuous process plant company wants to claim extra shift depreciation Allowance therefore under companies act the life of the asset is to be taken as 25 years or 8 years
18 May 2017
Part A of Schedule II for depreciation states that the company can adopt different useful life of asset by providing proper disclosure. Further, it is also clarified that life of asset cannot be longer than useful life specified. In your case, Schedule II does not specify for Cement Industry. For the continuous process plant the life is stated to be 25 years. As per part A of Schedule II 8 years can be adopted with proper justification for the same.
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
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- EXPORT COMMERCIAL INVOICE HSN CODE
- Cash balance limit and property purchases limit
- FCRA 6 E- Intimation
- Same demand raised for original as well as rectification request return
- Sale of property held jointly with a non resident Indian
- GST not cancelled by tenant
- FORM 141 SDV query
- Filling ITR - U
- Form 140 tds
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
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
