Can we claim Addational Depreciation for any new asset for more than one year....?
DT Fundas - Tarun rustagi
( Author)
(1150 Points)
Replied 29 June 2010
dear kumar
additional dep. is available only in the first year of use.it is the first time eligibility.
regards
tarun rustagi
Kashvi
(CS)
(231 Points)
Replied 29 June 2010
addl depreciation can be claimed only for the first year of purchase...as it is, this provision exists to promote new puchases of certain kinds....so extending such dep 2 more number of years is simply meaningless n illogical...
Raghav Bansal
(Business)
(53 Points)
Replied 29 June 2010
DEAR KUMAR
ADDITIONAL DEPRICIATION CAN BE CLAIM ONLY IN THE FIRST YEAR OF PURCHASE OF NEW ASSET (PLANT & MACHINERY )
CA Charu
(Practice)
(140 Points)
Replied 29 June 2010
Income tax act provides a clause of Additional Depreciation @ 20% to that Mfg.concern, only if the Plant & Machinery is Newly purchased during the previous year...
hyponkshe
(chartered accountants)
(73 Points)
Replied 29 June 2010
available only in the first year of purchase & put to use
Nitin Grover
(CS)
(1228 Points)
Replied 29 June 2010
Dear Friend
you can take exemption u/s 32a only for first year and max rate is 20%
if assets is used / put to used for less then 180 days then dep rate is 10% only and you can not claim another 10% in any year
So only first year
Regards
Kiru.G
(Article Assitant)
(273 Points)
Replied 30 June 2010
you can take exemption u/s 32a only for first year and max rate is 20%
if assets is used / put to used for less then 180 days then dep rate is 10% only and you can not claim another 10% in any year
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