rate of additional depreciation
This query is : Resolved
06 October 2009
What should be the additional depreciation rate if the asset purchased after 30th sep????????? is it 10 or 20 or any other rate??
06 October 2009
7.5
06 October 2009
As far I know the rate of additional dep for new P & M is 20% and if put to use for less than 180 days then the rate will be 10 %.
I would request Expert Maheshwari to confirm the same.
http://www.incometaxindia.gov.in/archive/ExplanatoryCircularFinanceAct2005-Compiled-Recast(2).doc
The excerpts in page 9 of the circular given below.
"3.6
In order to encourage investment, the Finance Act, 2005 has amended section 32 to increase the rate of additional depreciation to twenty per cent on new machinery and plant other than ships and aircraft, acquired and installed after the 31st day of March, 2005, and dispensed with the condition of additional depreciation to be allowed to a new industrial undertaking and the condition of expansion in installed capacity."
I would request Expert Maheshwari to confirm the same.
http://www.incometaxindia.gov.in/archive/ExplanatoryCircularFinanceAct2005-Compiled-Recast(2).doc
The excerpts in page 9 of the circular given below.
"3.6
In order to encourage investment, the Finance Act, 2005 has amended section 32 to increase the rate of additional depreciation to twenty per cent on new machinery and plant other than ships and aircraft, acquired and installed after the 31st day of March, 2005, and dispensed with the condition of additional depreciation to be allowed to a new industrial undertaking and the condition of expansion in installed capacity."
06 October 2009
Lets keep this query open for other experts to join.
06 October 2009
additional depreciation rate will be 10%if the asset purchased after 30th Sept.
09 October 2009
its not clear since 2 experts said 2 rates. can anyone tell it more clearly
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Confusion around Form 26QB fields
- RCM INVOICING FROM NOV-2024
- Disallowance of Section 43B(h) to sez units
- GST Regis.
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Tds on building rent monthly
- REGARDING ACCOUNTING CODE FOR SERVICE TAX PAYMENT
- Redevolpment of bldg in mumbai
- Refund of AY 22-23
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
