Is It necessary to claim Additional Depreciation in the year of purchase of machinery
or one can claim it later..
HARSHIT KABRA (STUDENT) (81 Points)
29 December 2008Is It necessary to claim Additional Depreciation in the year of purchase of machinery
or one can claim it later..
CA Chaitanya
(PRACTISING CA)
(4283 Points)
Replied 29 December 2008
Additional depreciation is applicable only for the first year, in which the asset is purchased and put to use.
CA Chaitanya
(PRACTISING CA)
(4283 Points)
Replied 29 December 2008
It is mandatory to claim depreciation under the Income tax act.
CA Chaitanya
(PRACTISING CA)
(4283 Points)
Replied 29 December 2008
So you cannot claim additional depreciation in the subsequent year.
Sripada M
(CA)
(365 Points)
Replied 30 December 2008
According to the case of Yellamma dasappa hospital, additional depreciation has to be claimed when the asset is put to use.
Nikita Khandelwal
(Student)
(86 Points)
Replied 01 January 2009
Additional Depreciation can be claimed only in the year the asset is put to use and only for 1st year this is applicable
it cant b claimed in subsequent years
Bhaskaran Chackrapani Warrier
(Chartered Accountant)
(80230 Points)
Replied 19 March 2012
Mandatory.
Reason is as follows:-
Explantion 5 says...... "this subsection"....
The subsection referred therein is 32(1).
Since additional depreciation under sub section (iia) falls under subsection (1),explanation 5 squarely applies to (iia) meaning thereby addtional depreciation is mandatory.
Priyanka sah
(Students)
(108 Points)
Replied 20 March 2012
| Originally posted by : B.Chackrapani Warrier | ||
 |
Mandatory. Reason is as follows:- Explantion 5 says...... "this subsection".... The subsection referred therein is 32(1). Since additional depreciation under sub section (iia) falls under subsection (1),explanation 5 squarely applies to (iia) meaning thereby addtional depreciation is mandatory. |
 |
YOGESH
(STUDENT)
(128 Points)
Replied 20 March 2012
Additional Depreciation @ 20% can be claimed only in the Year of Asset put to use and if the asset is put to use for less than 180 days depreciation is to calculated 50% of total depreciation..
It cannot be claimed in any other subsequent year.
SURANA
(PROPRIETOR)
(515 Points)
Replied 26 August 2013
Please guide me whether this section be applicable to this case or not, if yes then how to calculate depreciation under this Section, in this particular case.
Assessee (XYZ Pvt Ltd) has imported a second hand Plant and Machinery for Rs.10cr from Germany in the year 2010, and the same was put to use on 22.01.2013.
As the Assessee had taken bank loan for it, so the Interest was capitalised and hence the cost of P&M become to around Rs.13cr upto 22.01.2013.
What would be the Depreciation as per Companies Act and Income Tax Act.
Thanks in Advance.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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