krishna iyer (Sr.Finance Manager) (197 Points)
29 October 2009addl depreciation of 20% is eligible for new plant & machinery as per S32 (ii)a.
if asset is put to use for less than 180 days, we will get depre 10% only in the 1st year/
whether balance 10% can be claimed in next year, since addl depre of 20% is specificially given in the act.
kindly advise
praveen
(Chartered Accountant)
(6971 Points)
Replied 29 October 2009
i am also looking forward for the answer
b.srinivasan
(Assistant Company Secretary)
(51 Points)
Replied 29 October 2009
hi,
I have asked the same question few days back. On a overall analysis, additional dep., for assets purchased and put in use in less than 180 days, should not be claimed.
sbsrinivasan
Amol Gopal Kabra (CA,CS,DISA)
(Practicing CA)
(8539 Points)
Replied 29 October 2009
No. In case of additional depreciation, is available only in the year of put to use. It is available on the basis of number of days use, i.e for more than 180 days @ 20% and less than 180 days @ 10%. The balance is not available in the next year.
Hareesh H Sharma
(Cleared IPCC..now article)
(894 Points)
Replied 29 October 2009
| Originally posted by :Amol Gopal Kabra | ||
| " | No. In case of additional depreciation, is available only in the year of put to use. It is available on the basis of number of days use, i.e for more than 180 days @ 20% and less than 180 days @ 10%. The balance is not available in the next year. | " |
Yea thats true I guess..I had the same doubt and clarified this with my sir..It can only be claimed in the 1st year.
Deeps
(Article Assisstant)
(2485 Points)
Replied 30 October 2009
Pl. check this attached file. check point no. 6.3.
varun sharma
( CA Final , M.Com)
(87 Points)
Replied 30 October 2009
no way the balance additional dep will not be available next from the year in which the asset is put to use. the above ans are rite.
srmanas
(articled student)
(55 Points)
Replied 30 October 2009
To avail additional dep. following conditions should be satisfied:-
1. The assessee must be engaged in manufacture/production of articles or things.
2. NEW Plant & Mechinery only. ( Not old one and not any other assets)
3. Should not only be acquired but also be installed ( Put in Use) after 31st Mar. 2005
4. New P & M should both be acquired and installed in the same year. Means acquired in PY 2008-09 and installed in PY 2009-10, then additional dep. is not available.
5. It should be an eligible P & M
Rest things my friends have mentioned earlier.
punam
(article assistant)
(56 Points)
Replied 30 October 2009
Balance 10% cannot be claimed in the next year
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