CA Bijay Shrestha (Never Give up....No matter what....) (858 Points)
08 January 2018Dear Experts and Friends,
A Company purchased a Machinery in FY 2016-17 but put to use in Dec-2017 (i.e. FY 2017-18).
Now For FY 2017-18 - How much Depreciation will be allowed under IT Act 1961 - 50% or 100% ?
(Assumption - Only that Machinery comprises the Block)
Kindly suggest.
Rishi Mehta
(Ur friend )
(1533 Points)
Replied 08 January 2018
Rakesh Bandal
(Self Employed and Agriculture)
(1349 Points)
Replied 08 January 2018
In my openion only 50% (F.Y 2017-18) of total depreciation will be allowed and balance 50% (F.Y. 2018-19) will be allowed in next year
as prerequisite for claiming depreciation is asset should be put to use if claiming for first time
CA Bijay Shrestha
(Never Give up....No matter what....)
(858 Points)
Replied 08 January 2018
| Originally posted by : Rishi Mehta | ||
 |
100% Depreciation will be allowed in FY 2017-18. |  |
Dear Rishi Ji,
Will u please elaborate?
CA Bijay Shrestha
(Never Give up....No matter what....)
(858 Points)
Replied 08 January 2018
| Originally posted by : Rakesh Bandal | ||
|
In my openion only 50% (F.Y 2017-18) of total depreciation will be allowed and balance 50% (F.Y. 2018-19) will be allowed in next year as prerequisite for claiming depreciation is asset should be put to use if claiming for first time |
|
Dear Rakesh ji,
I am also of the same view.
Rishi Mehta
(Ur friend )
(1533 Points)
Replied 08 January 2018
Rishi Mehta
(Ur friend )
(1533 Points)
Replied 08 January 2018
Rishi Mehta
(Ur friend )
(1533 Points)
Replied 08 January 2018
Anurag lohiya
(Bara bazar)
(262 Points)
Replied 08 January 2018
CAclubindia
