my main business was sell of agricultural product
purchase godown for the purpose storage of such agricultural product
so such capital expense incurred by me is allowed 100% in sec 35AD
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sec 35AD
Replies (13)
Yes, you can claim deduction @ 100% of capital expenditures.
But a few things to keep in mind:
- In case assessee has enjoyed the benefit of deduction u/s 35AD, he cannot claim any deduction for the same expenditure u/s 80 or any other provisions of Income-Tax Act.
- Also, the business loss will not be allowed to be carried forward and adjusted against any other business than specified business.
are you ca???
sorry to interrupt u prajjwal Kaushik
35ad specified business loss can be carry forward only if return is filed on time 139(1) and will adjust against specified income
35ad specified business loss can be carry forward only if return is filed on time 139(1) and will adjust against specified income
and operating warehouse facility for agricultural produce falls for 150% deduction.
so please consider your ( Yash chawada) conditions for 150% deductions.
Agreed. You're right @ Anjali Tyagi but the condition of 150% of the deduction has been amended. Now only 100% deduction slab is available.
please let me know in which finance act this is amended?
Please refer to the Finance Bill 2016. Wherein sub-section (1A) of the section 35AD has been omitted.
yes deduction of 35AD(1A) 150 % DEDUCTION HAS BEEN REMOVED
now only 100% is available
finance act 2017
okhe thanks for updating my knowledge.
also one new specified business was added
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