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of <h1>Amendment to Section 32: Power generation businesses now eligible for additional depreciation on new machinery from April 2013.</h1> Section 32 of the Income-tax Act is amended to include businesses involved in the generation or generation and distribution of power for further depreciation benefits. Previously, a 20% additional depreciation was allowed for new machinery or plant acquired after March 31, 2005, for manufacturing or production businesses. The amendment extends this benefit to power generation businesses for machinery acquired after March 31, 2012. This change is effective from April 1, 2013, and applies to the assessment year 2013-2014 and subsequent years.
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