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Section 32AD - Investment Allowance in Notified Backward Area

Income Tax - Profit and Gains of Business or Profession - 14 - SEC - 32AD: INVESTMENT ALLOWANCE IN NOTIFIED BACKWARD AREA (APPLICABLE FROM AY 2016-17) This deduction will be over and above the existing deduction available under section 32AC. If an undertaking is set up in the notified backward areas in Andhra Pradesh, Bihar, Telangana or West Bengal by a company, it shall be eligible to claim deduction under the existing provisions of section 32AC as well as under the newly inserted section 32AD .....

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by the assessee was used either within or outside India by any other person. c. Any plant or machinery installed in any office premises or any residential accommodation, including accommodation in the nature of a guest house. d. Any office appliances, including computers or computer software. e. Any vehicle f. Any plant or machinery, the whole of the actual cost of which is allowed as deduction (whether by way of depreciation or otherwise) in computing the income chargeable under the head Profi .....

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TMENT ALLOWANCE The new asset should not be sold or otherwise within a period of 5 years from the date of its installation. If the new assets is sold or transferred within 5 years from its installation ,the amount of investment allowance allowed to the assessee shall be deemed to be the income of assessee of the previous year in which such asset is sold or otherwise transferred. Such deemed income will be taxable under the head Profits and gains of business or profession Such deemed income shall .....

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