section 35AD
This query is : Resolved
01 May 2010
PLZ EXPLAIN SECTION 35AD.
I M CONFUSED RELATING TO 20% OF P&M. IT IS 20%OF WHAT. PLZ EXPLAIN WITH EXAMPLE.
I M CONFUSED RELATING TO 20% OF P&M. IT IS 20%OF WHAT. PLZ EXPLAIN WITH EXAMPLE.
04 May 2010
S. 35AD says one can have New Plant and Machinery only...
but one of the exceptions to it is that one can have 20% of total plant and Machinery as old.
e.g.
New Machinery is 8,00,000
so one must have at least 80% of new machinery out of total machinery
so in this case
Maximum old machinery can be used is that of Rs. 2,00,000
so here
Total Machinery 10,00,000
Old Machinery 2,00,000
New Machinery 8,00,000
but one of the exceptions to it is that one can have 20% of total plant and Machinery as old.
e.g.
New Machinery is 8,00,000
so one must have at least 80% of new machinery out of total machinery
so in this case
Maximum old machinery can be used is that of Rs. 2,00,000
so here
Total Machinery 10,00,000
Old Machinery 2,00,000
New Machinery 8,00,000
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
- About TDS & Income Tax
- Under construction property in ITR
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Building tax payment deduction in rental Income
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- F & O PROFIT REPORTING FOR AY 2026-27
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
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
