Investment allowance shall be allowed at 15% of actual cost of new asset acquired and installed by a company engaged in business or manufacturing or production of any article or thing (Subject to certain conditions)ĭeduction shall be available if actual cost of new plant and machinery acquired and installed by the company during the previous year exceeds Rs. New plant and machinery should be acquired and installed on or after Apbut before April 1, 2020.Īll taxpayers setting-up an undertaking or enterprise for production or manufacture of any article or thing in any notified backward area in the state of Andhra Pradesh, Bihar, Telangana or West Bengal. Manufacturing unit should be set-up on or after April 1, 2015.Ģ. However, if an asset is acquired and put to use for less than 180 days during the previous year, 50% of additional depreciation shall be allowed in year of acquisition and balance 50% would be allowed in the next year.Ī) manufacture or production of any article or thing orī) generation, transmission or distribution of power (if taxpayer is not claiming depreciation on straight line basis ).Īdditional depreciation shall be allowed at 35% of actual cost of new plant and machinery (Subject to certain conditions).ġ. Not being goodwill of business or profession).Īll assessees engaged in business or professionĪdditional depreciation shall be allowed at 20% of actual cost of new plant and machinery (Subject to certain conditions). Intangible Assets (know-how, patents, copyrights, trademarks, licenses, franchises, or any other business or commercial rights of similar nature Taxpayer engaged in business of generation or generation and distribution of power.ĭepreciation 1 in respect of following assets shall be allowed at prescribed percentage on written down value of each block of asset (as per WDV method): Taxpayers engaged in business of generation or generation and distribution of power have the option to claim depreciation on written down value basis also However, if asset is acquired and put to use for less than 180 days during the previous year, the deduction shall be restricted to 50% of depreciation computed above. Intangible Assets (know-how, patents, copyrights, trademarks, licenses, franchises, or any other business or commercial rights of similar nature). Tangible Assets (buildings, machinery, plant or furniture) Repairs (excluding capital expenditure) and insurance of machinery, plant and furnitureĭepreciation 1 in respect of following assets shall be allowed at prescribed percentage on actual cost of an asset (i.e., Straight Line Method): Rent, rates, taxes, repairs (excluding capital expenditure) and insurance for premises Standard deduction of 30 per cent of arrears of rentĪgainst 'profits and gains of business or profession' 2,00,000, subject to specified conditions) Taxes levied by local authority and borne by owner if paid in relevant previous year Individual – Salaried Employee & PensionersĮntertainment allowance
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