How to verify claim on additional plant and machinery????
4 Replies
V.Chandrasekaran
(JAM)
(51 Points)
Replied 11 December 2009
Check the additions made during the year under the plant and machinery block. Ensure that only eligible plant and machinery is considered for additional depreciation. Please refer IT act for the same.
Hari Babu
(CA Student)
(82 Points)
Replied 11 December 2009
If it is a manufacturing concern, additional depreciation will be claimed on plant and machinery ( i.e., 20%). And important thing is whether plant and machinery is purchased before 182 days or after 182 days in a year. If it is more than 182 days 50% of the rate ( i.e., 50% of 20%) and otherwise normal rate.
See once section 32 of Income Tax Act 1961
CA Anand Oberoi
(Chartered Accountant)
(296 Points)
Replied 11 December 2009
@ ^^^^^^
and i think it is 180 days concept, not 182 days
Jaspreet Singh
(Accountant)
(327 Points)
Replied 13 December 2009
Anand is right.It is 180 days concept.182 days is the concept of Residential Status.
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