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 ?
CA Ramesh Kr Verma
(Partner)
(138 Points)
Replied 31 August 2009
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
RITESH KOTHARI
(B.COM, FCA, DISA(ICAI))
(778 Points)
Replied 01 September 2009
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
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