Can 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).
Menu
Urgent-additional depreciation query
Replies (2)
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
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.
Recent Threads
- INTRADAY INCOME PRESUMPTIVE INCOME
- Clarification on Deemed Export Status for EOU-to-E
- LTCG Tax on property
- Short term gain in itr2, missing 111A
- Errors in ITR Filing: Minimum One Character Requir
- Which ITR Opt
- Employer Details for NRI
- Section 194C or 194J apply in survey fee to determ
- Accidental Switch to New Regime using Form 10-IEA
- Should I file Revised Return U/S 139 (5)?
Related Threads
CAclubindia
