section 35AD
This query is : Resolved
01 May 2010
PLZ EXPLAIN SECTION 35AD.
I M CONFUSED RELATING TO 20% OF P&M. IT IS 20%OF WHAT. PLZ EXPLAIN WITH EXAMPLE.
I M CONFUSED RELATING TO 20% OF P&M. IT IS 20%OF WHAT. PLZ EXPLAIN WITH EXAMPLE.
04 May 2010
S. 35AD says one can have New Plant and Machinery only...
but one of the exceptions to it is that one can have 20% of total plant and Machinery as old.
e.g.
New Machinery is 8,00,000
so one must have at least 80% of new machinery out of total machinery
so in this case
Maximum old machinery can be used is that of Rs. 2,00,000
so here
Total Machinery 10,00,000
Old Machinery 2,00,000
New Machinery 8,00,000
but one of the exceptions to it is that one can have 20% of total plant and Machinery as old.
e.g.
New Machinery is 8,00,000
so one must have at least 80% of new machinery out of total machinery
so in this case
Maximum old machinery can be used is that of Rs. 2,00,000
so here
Total Machinery 10,00,000
Old Machinery 2,00,000
New Machinery 8,00,000
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