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additonal depreciation

sukesh (ARTICLE) (30 Points)

28 April 2009

Can additional depreciation e allowed to claim for more than one years as no part of the section restricts it for the one i.e. 1 st year itself?

please provide backings for the same

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8 Replies

Vk Duggal (320 Points)
Replied 28 April 2009

while making computation of income, you have to claim depreciation u/s 32. thus you can claim in that year but if profit is not sufficient then it can be carried forward,

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Sandeep Keswani (Tax Consultant) (1064 Points)
Replied 28 April 2009

ITR is an "Annexure-less Return". The very idea of introduction of ITR forms instead of Saral form was to promote E Filing. E Filing is possible only in the prescribed format. Therefore, no other document is to be attached with the ITR form.

Sandeep Keswani (Tax Consultant) (1064 Points)
Replied 28 April 2009

Additional Dep is available in the first year and from the 2nd year onwards, Depreciation will be allowed at normal rates. The asset will be included in the relevant block of assets.

vijay (.) (212 Points)
Replied 29 April 2009

Mr. Sukesh

Additional depreciation is allowed only in the first year, after that normal depreciation rates apply.

Regards

Vijay Kumar

vijay (.) (212 Points)
Replied 29 April 2009

Mr. Sukesh

Additional depreciation is allowed only in the first year on the new machinery pruchased in the manufacturing business , after that normal depreciation rates apply.

Regards

Vijay Kumar

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CA FaIyaZ PaTrAwaLa (CA) (276 Points)
Replied 29 April 2009

Agree with Mr.vijay kumar

CA,CS, ICWA Inter MANOJ KEDIA (Working With Educomp) (99 Points)
Replied 29 April 2009

Additional Deprecation will be allowed in year in which machin acquried & installed . if machine acquried in 2007-08 but installed in 2008-09 than additional deprecation will be allowed in 2008-09.