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of <h1>Section 32: Depreciation deductions for tangible and specified intangible assets, rules for short use, new machinery, disposals</h1> Section 32 allows deduction for depreciation on tangible and specified intangible assets used in a business or profession, computed at prescribed percentages on actual cost or written down value. Special rules include a 50% restriction where assets are used for less than 180 days, an additional allowance for new plant and machinery (higher rates for certain backward areas), and exclusions for previously used machinery, office/residential installations, office appliances and certain vehicles. On sale, demolition or destruction, shortfall between proceeds (including insurance/salvage) and written down value is allowable if written off. Unabsorbed depreciation due to insufficient profits is carried forward and set off in subsequent years per statutory ordering.
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