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Jaitley offers minor respite on depreciation u/s 32(iia)

By TIOL News Service

NEW DELHI, FEB 28, 2014: WHAT may amount to a respite for corporate tax assessees is the insertion of new proviso to Sec 32(iia) for providing100% depreciation on assets used for business purposes, even if such asset acquired during the previous year is used for less than 180 days during previous year.

The new proviso provides that those assessee who after acquiring any asset had used it for its business purposes for a period of less than 180 days during such previous year and were entitled to a claim of only 50% depreciation on such asset, will now be entitled for claim the remaining 50% of depreciation over the subsequent year.

In addition, assessee who was engaged in the business of manufacture or generation and distribution of power was earlier allowed additional deduction of 20% of the actual cost of asset acquired and installed after 31st March, 2005. However, such additional deduction was enhanced to the rate of 35%, if such installation is carried on any backward area, as notified by the Central Government in State of Andhra Pradesh & Telangana, on, or after 1st April, 2015.


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