Depreciation as per income tax
vicky (Article) (73 Points)
28 September 2015vicky (Article) (73 Points)
28 September 2015
prem rajpurohit
(student)
(31 Points)
Replied 28 September 2015
prem rajpurohit
(student)
(31 Points)
Replied 28 September 2015
vicky
(Article)
(73 Points)
Replied 28 September 2015
What Conditions? Even I am in favour of full year depreciation however i am unable to find anything material to prove my stand. Please help!!
CA Srikanth Yadav
(Chartered Accountant)
(3162 Points)
Replied 28 September 2015
For determining the 180 days limit, you need to count only the days starting from the day on which the asset is put to use. So in your case, only half of the normal depreciation can be claimed.
Karthik.V.Kulkarni
(Chartered Accountant)
(594 Points)
Replied 29 September 2015
Hi Vicky,
Under the plain reading of your question its clear that only 50% of depreciation will be allowed to you as the asset is put to use for the purpose of business or profession for less than 180 days(Relevant to AY 2015-16).
Rather full depreciation can be claimed if asset was ready to use , the term used in Sec 32 "use" for the purpose of business or profession includes ready to use. (CIT vs Vindhyanchal distillaries, CIT vs Vishwanath Bhaskar Sathe).
Regards,
Karthik V Kulkarni
Abhishek
(Article)
(47 Points)
Replied 29 September 2015
Gagan kamboj
(article assistant)
(72 Points)
Replied 30 September 2015
CA. Ramesh Chand
(Manager- Accounts & Taxation)
(437 Points)
Replied 08 October 2015
As per my understanding of the subject, without involving into any conflict with income tax department we should take half of depreciation on plant & machinery because same was put to use for business in current year and also same was for less than 180 days.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India