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Section 32(1)(iia) - Additional Depreciation

Income Tax - Profit and Gains of Business or Profession - 11 - SEC - 32(1)(iia): ADDITIONAL DEPRECIATION In the case of any new machinery or plant other than ships and aircraft which has been acquired and installed by an assessee engaged in the business of manufacture or production of any article or thing or in the business of generation or generation and distribution of power additional depreciation @ 20% of actual cost shall be allowed as deduction. Provided that no deduction shall be allowed .....

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acquired, the additional depreciation would be restricted to 10% of cost of new plant and machinery in the year it is acquired. As per the amendment, if the asset is put to use for less than 180 days in the year of acquisition, then additional depreciation would be 10% of the cost of acquisition in the first year and the balance 10% would be available in the immediately succeeding previous year. The amended provisions would be applicable from the AY 2015-16. For the earlier assessment years, on .....

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t be a loss of 50% of allowance i.e.₹ 5 lakh due to acquiring the asset in the second half of Financial Year 2015-2016. ADDITIONAL DEPRECIATION IN THE CASE OF GENERATION OR GENERATION AND DISTRIBUTION OF POWER Different Situation Whether cost of new P&M is eligible for additional depreciation under Section 32(1)(iia) Before amendment (i.e. up to AY 2012-13) After amendment (i.e. from AY 2013-14 onwards) An assessee who is engaged in the business of generation or generation and distribu .....

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