Whether, pro-rata (daywise) calculaiton of depreciation is allowed under Income Tax Act in case of addition of asset during the year ?
2 Replies
Gourav Gupta
(Working in CA Firm)
(671 Points)
Replied 23 June 2016
no...
it won't allow as per Income Tax Act
it won't allow as per Income Tax Act
CA Harshal Totla
(Chartered Accountant)
(2229 Points)
Replied 23 June 2016
No sir, if asset is used for more than 180 days during previous year then 100% depreciation will be allowed. However in the contrary case, it shall be restricted to 50%. Refer first proviso to section 32(1)
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