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Section 32AC - Investment Allowance

Income Tax - Profit and Gains of Business or Profession - 13 - SEC - 32AC: INVESTMENT ALLOWANCE Section 32AC has been inserted to provide for investment allowance in order to encourage substantial investment in new plant and machinery. ELIGIBLE ASSESSEE: Deduction is available only to a Company (Indian as well Foreign) and Company must be engaged in the business or manufacture or production of any article or thing. CONDITIONS TO BE SATISFIED: SECTION 32AC(1) i.e. 100 CRORES SCHEME Assessee acqui .....

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n and installation should be in same previous year. If the assessee acquires new plant & machinery of 30 crores in PY 31-03-2015 and installs the same in PY 31-03-2016, then deductions shall not be available in PY 31-03-2015 as well as in PY 31-03-2016. AMOUNT OF DEDUCTION: SECTION 32AC(1) For AY 2014-15 15% of the actual cost of new plant & machinery acquired and installed during previous year 2013-14, if actual cost exceeds 100 crores. For AY 2015-16 15% of the actual cost of new plant .....

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2017-18 15% of the actual cost of plant & machinery acquired and installed in previous year 31-03-2017, if its actual cost exceeds 25 crores. No deduction shall be allowed u/s 32AC(1A) if deduction is available u/s 32AC(1). LOCK-IN-PERIOD: There shall be a lock-in-period of 5 years from the date of installation. If new plant & machinery on which investment allowance deduction has been availed, has been sold or transferred within 5 years from the date of installation, then deduction allo .....

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