Additional depreciation increased for new machinery in notified backward areas and remaining deduction can be carried to next year. The amendment enhances additional depreciation under clause (iia) for new plant and machinery acquired and installed for undertakings set up in notified backward areas of Andhra Pradesh and Telangana during the specified period, and inserts a cross reference to that proviso in the second proviso to sub section (1). It also provides that where deduction under clause (iia) is restricted to half because the asset was used for less than the prescribed period in the year of acquisition, the remaining half shall be allowed in the immediately succeeding previous year. The changes take effect from 1 April 2016.
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Additional depreciation increased for new machinery in notified backward areas and remaining deduction can be carried to next year.
The amendment enhances additional depreciation under clause (iia) for new plant and machinery acquired and installed for undertakings set up in notified backward areas of Andhra Pradesh and Telangana during the specified period, and inserts a cross reference to that proviso in the second proviso to sub section (1). It also provides that where deduction under clause (iia) is restricted to half because the asset was used for less than the prescribed period in the year of acquisition, the remaining half shall be allowed in the immediately succeeding previous year. The changes take effect from 1 April 2016.
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