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of <h1>Finance Bill 2014 amends Income-tax Act, Section 32AC: 15% deduction for manufacturing firms on new assets over 25 crore.</h1> Clause 11 of the Finance (No. 2) Bill, 2014 amends section 32AC of the Income-tax Act, effective April 1, 2015. It introduces sub-section (1A), allowing companies in manufacturing or production to claim a 15% deduction on new assets costing over twenty-five crore rupees, acquired and installed in a previous year. This deduction is unavailable for the assessment year starting April 1, 2015, if a deduction under sub-section (1) is claimed, and ceases for years starting April 1, 2018. Sub-section (2) is amended to include sub-section (1A) in its scope, addressing asset transfers within five years.
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