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of <h1>Investment allowance: 25% (20% for certain items) for new ships, aircraft, machinery; reserve, carry-forward, exclusions, penalties.</h1> A deduction by way of investment allowance is permitted for an assessee who owns and wholly uses specified new ships, aircraft or machinery/plant for business: generally 25% of actual cost (20% for certain items), with exclusions for office/residential installations, office appliances, road vehicles, assets qualifying for other rebates or fully deducted in one year. Conditions include prescribed particulars, creation of an Investment Allowance Reserve (75% of the allowance credited and used within ten years to acquire qualifying new assets) and carry-forward of unused allowance up to eight assessment years. Disposal within eight years or misuse of the reserve within ten years renders the allowance wrongly made. Special higher rates apply for specified technology/environmental plant and transitional/amalgamation rules and government notification powers are provided.
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