ACA Chandra Sekhar (CA, CMA & B.Com) (326 Points)
31 January 2016Can the assesse claim balance additional depreciation with respect to assets purchased in previous year 2014-15 and held for less than 180 days in assessment year 2016-17 under third proviso to S.32(1).
Aditi Bhardwaj
(Practising Chartered Accountant & Mentor for CA students)
(659 Points)
Replied 01 February 2016
Yes Chandrasekhar. Thats what the amendment in the Finance Act 2015 exactly talks about.
If you have purchased an asset in FY 2014-15, and have used the asset for less than 180 days, then you will be able to claim only 50% of the additioal depreciation in AY 2015-16. As per the amendment now in Finance Act 2015, the balance 50% of the additional depreciation can be claimed in the subsequent year, which could not be claimed in the year of acquisition. This is effective from AY 2016-17. So Yes, the balance 50%, please claim in the FY 2015-16 (AY 2016-17)
Hope it clarified.
Regards.
Aditi
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 06 February 2016
Agree with Aditi
You can claim balance 50% in the immediately succeeding previous year. This amendment will apply from AY 2016-17 and subsequent Assessment Year’s.
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