Profit and gain of business or profession

Indirect Taxation

Under the depreciation concept If the new asset purchased previous year, additional depreciation is allowed in the respect of condition prescribed under the additional depreciation concept My question is Additional depreciation is allowed only for that asset newly purchased year or next subsequent years?

venkatesh sundharamoorthy

CA Final

★ 34K+

18-Aug-21 14:59

617

Answers (2)

Only in the year of purchase. If the new asset was used for less than 180 days in the current year, half additional depreciation rate is given in current previous year and remaining half additional depreciation rate is given in subsequent previous year.

Yoga Vishnu

CA Final

★ 11K+

18-Aug-21 15:05

If newly purchased assets put to use greater than 180 days whole depreciation used in current year which is put to use less than 180 days half of additional depreciation used current year remaining half used in subsequent years

INDRAJITH S

CA Inter

★ 5K+

18-Aug-21 15:05