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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Clause 33 of the Income Tax Bill, 2025: Rules on Depreciation Deductions for Business Assets, Excluding Goodwill</h1> Clause 33 of the Income Tax Bill, 2025, outlines the provisions for depreciation deductions applicable to tangible and intangible business assets, excluding goodwill. Depreciation is calculated based on the asset's usage and ownership by the assessee, with specific rules for power generation undertakings and block assets. Restrictions apply if assets are used for less than 180 days. Additional deductions are available for new machinery or plants under certain conditions, with specific percentages based on usage duration. Provisions also cover scenarios involving asset sales, leasehold improvements, and carry-forward of unclaimed depreciation. Definitions for assets, know-how, and related terms are provided.
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