Depreciation on Asset purchased under "TUFS"
This query is : Open
03 May 2011
The Assets under TUFS- Technology Upgradation Funds Scheme of Ministry of Textiles are eligible for deprecation at 50%.(section 32)
TUFS is extended upto 31.03.2012.
But the Income Tax Act says the asset put to use before 01.04.2004 are eligible for depreciation @ 50 (Section 32)
What is the implication of extension of TUFS ??
Is it the asset should be put to use on or before 01.04.2004 and such asset would be eligible for depreciation @ 50% till 31.03.2012
or the asset can be purchased and put to use on or before 31.03.12???
TUFS is extended upto 31.03.2012.
But the Income Tax Act says the asset put to use before 01.04.2004 are eligible for depreciation @ 50 (Section 32)
What is the implication of extension of TUFS ??
Is it the asset should be put to use on or before 01.04.2004 and such asset would be eligible for depreciation @ 50% till 31.03.2012
or the asset can be purchased and put to use on or before 31.03.12???
03 May 2011
MACHINERY PURCHSED UNDER TUFS ON OR AFTER 1-4-2001 BUT BEFORE 1-4-2004 AND PUT TO USE BEFORE 1-4-2004 ARE ONLY ELIGIBLE FOR DEP AT 50%
THE RATE WILL BE SAME TH OUT THE USEFUL LIFE OF THE ASSET
CA MANOJ GUPTA
JODHPUR
09828510543
THE RATE WILL BE SAME TH OUT THE USEFUL LIFE OF THE ASSET
CA MANOJ GUPTA
JODHPUR
09828510543
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03 May 2011
Thank You Mr Manoj. Can you please provide any text or any proof evidencing you r stand, as I have to give the same to my client
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