Income Tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 January 2011
Depreciation on wind Mill claimed U/s. 32 of Income tax & Profit on generating the enery are claimed U/s 80IA of Income tax on computing the total income of Company because they are two different section & canot be interlink with each other.
wheter I am right or wrong. If right then provide us the case law to take the claim in both section seperetally.
Thanks
Rameshwar Sah
wheter I am right or wrong. If right then provide us the case law to take the claim in both section seperetally.
Thanks
Rameshwar Sah
11 January 2011
You are wrong on this query.
Section 80IA ( 5) will superessed the sec 32.
Section 80IA ( 5) will superessed the sec 32.
31 July 2024
Depreciation under Section 32 must be mandatorily claimed. While calculating the deduction under Section 80-IA, the profit must be considered after accounting for depreciation. Therefore, you cannot separate the two sections completely as depreciation must be factored in when computing the profits eligible for the deduction under Section 80-IA.
31 July 2024
Depreciation under Section 32 must be mandatorily claimed. While calculating the deduction under Section 80-IA, the profit must be considered after accounting for depreciation. Therefore, you cannot separate the two sections completely as depreciation must be factored in when computing the profits eligible for the deduction under Section 80-IA.
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