Hi..I own a factory of computerised embrodery machines which works for 3 shifts...my query is what amount of depreciation i can claim as my tax benifits ?
Hi..I own a factory of computerised embrodery machines which works for 3 shifts...my query is what amount of depreciation i can claim as my tax benifits ?
As tax benifits you can only claim the rate prescribed in Income Tax Act.As far as I know, there is no such provision which allows more deduction for 3 shifts.
Thanks & regards,
Ramesh Kr Verma
THERE IS NO EXTRA DEDUCTION IN THE FORM OF DEORECIATION ON ANY ASSET WORKING FOR MORE THAN NORMAL WORKING HOURS (SHIFTS).
SUCH PROVISION IS THERE IN COMPANIES ACT BUT IT IS NOT ALLOEWED AS EXPENSE BY INCOME TAX ACT FOR TAX PURPOSES.
REGARDS,
CA RITESH KOTHARI
CAclubindia
