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of <h1>Amendment to Section 32: Changes to Depreciation Allowances, Unabsorbed Depreciation Carry Forward Rules, and Sick Industrial Companies Exception.</h1> The amendment to section 32 of the Income-tax Act, effective April 1, 1997, introduces changes to depreciation allowances. It specifies that depreciation deductions for assets in cases of succession or amalgamation should not exceed prescribed rates and must be apportioned based on asset usage duration. Additionally, unabsorbed depreciation allowances can be set off against business profits or other income, and if not fully utilized, carried forward for up to eight years. However, this time limit does not apply to companies classified as sick industrial companies until their net worth equals or exceeds accumulated losses, as defined under the Sick Industrial Companies Act, 1985.
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