Depreciation benefit under sec 32 ac

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21 Points Posted on 28 January 2015

Hello,

I wanted to know whether Depreciation can be claimed under Section 32 AC in FY 14-15 & FY 15-16 in addition to Accelerated Depreciation for pwoer assets.

Additionaly, does a power plant qualify as a MANUFACTURER or PRODUCER of article or thing under this section?

Best,

Sarvesh

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On 28 January 2015 at 18:21 Report
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Chartered Accountant
1725 Points Posted on 30 March 2015
  1. Section 35AC deduction is In Addition to the depreciation and additional depreciation.
  2. Deduction under section 32AC shall not to be reduced from WDV of Block of asset.
  3. This deduction is not available to Power generating units.

 

ELIGIBLE ASSESSEE:(U/S 35AC)

  • Deduction is available only to COMPANY (Indian as well as Foreign) and
  • Company must be engaged in MANUFACTURE or PRODUCTION of any article or thing.

 

Power is not article or thing because we can't touch it.

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On 30 March 2015 at 00:44

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