IT DEP
This query is : Resolved
13 April 2010
RATE OF IT DEP ON ROLLS IS 80%.
IS ADDITIONAL DEP ALLOWABLE ON ROLLS?
IS ADDITIONAL DEP ALLOWABLE ON ROLLS?
13 April 2010
The section reads as in the case of any new machinery or plant....
So rolls cannot be considered as any new machinery or plant in my view.
So rolls cannot be considered as any new machinery or plant in my view.
13 April 2010
BUT ADITYA JI ROLLS ARE SHOWN IN PLANT & MACHINERY HEAD AS PER IT ACT.
14 April 2010
Yes it is shown under plant & machinery. I just missed the heading in the dep schedule.
Then as per those provisions additional dep @ 20% will be allowed. Then entire cost of the machinery will be depreciated in the first year itself subject to provisions of Section 32(1)(iia).
However rolls are restricted to the below only:
(vi) Flour mills - Rollers
(vii) Iron and steel industry - Rolling mill rolls
(viii) Sugar works – Rollers
Then as per those provisions additional dep @ 20% will be allowed. Then entire cost of the machinery will be depreciated in the first year itself subject to provisions of Section 32(1)(iia).
However rolls are restricted to the below only:
(vi) Flour mills - Rollers
(vii) Iron and steel industry - Rolling mill rolls
(viii) Sugar works – Rollers
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14 April 2010
THANKS
14 April 2010
You are welcome
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