14 October 2016
If a machinery is purchased on 1.11.2015 of 15% block and is put to use on the same date as per the income tax rules since it is put to use for less than 180 days the rate will be 7.5%. My query is whether the rest 7.5% is allowed in the next year?
14 October 2016
Next year you will use the machine From 01-04-2016 to 31-03-2017 so full year the machine will be used hence you have to charge 15% dep. on WDV of 31-03-2016. there is no need to think about 7.5% it is irrelevant. Thanks.
CAclubindia
