If the asset is purchased in the financial year below 180 days then Depreciation allowed is 50% on original Deprecation .My question is, Is this rule can apply to only for the first year of incorporation of company or also for subsequent years also?
saikiran (Student) (283 Points)
18 December 2008If the asset is purchased in the financial year below 180 days then Depreciation allowed is 50% on original Deprecation .My question is, Is this rule can apply to only for the first year of incorporation of company or also for subsequent years also?
Jitender
(Chartered Accountant)
(8724 Points)
Replied 18 December 2008
this rule is applied in each year in which asset is purchased & put to use for less than 180 days.
Namita Gupta
(chartered accountant)
(105 Points)
Replied 18 December 2008
this rule of depreciation is for assets. no link with incorporation of company. so when u purchase any asset during the year with less than 180 days. only half year dep is charged on the asset.
Namita Gupta
(chartered accountant)
(105 Points)
Replied 18 December 2008
yes jitendra is right. we have to only see the date of put to use of asset.
RAJU
(LEARNER)
(1089 Points)
Replied 18 December 2008
The period of 180 days is relevant only in the first year. From next year onwards depreciation will be charged at the full rate irrespective of its usage.
Shudhanshu Agrawal
(Business)
(2570 Points)
Replied 18 December 2008
Depreciation is not related to incorporation .....it is related to fixed assets and this rule is connected with the purchase of any fixed asset in between financial year
Manjappa
(Manufacturing Industry)
(31 Points)
Replied 20 December 2008
I want formate of Income Tax Savings and Investment Declaration from Employess
pappu mishra
(Service)
(121 Points)
Replied 24 December 2008
50% of depreciation is applied only in the first year of purchase of assets and not the subsequent year of assets. from next year full 100% deduction is allowed
lokesh
(CA FINAL)
(81 Points)
Replied 29 June 2009
Is there any additional depreciation applicable for assets purchased during the year as per co. act and it act
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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