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of <h1>New Rules Define Asset Cost Calculation for Businesses: Contributions, Tax Credits, and Subsidies Impact Actual Cost</h1> The statutory provisions outline the computation of the actual cost of an asset for business or professional purposes. The actual cost is the cost to the assessee, reduced by contributions from others, claimed tax credits, and subsidies from government or other entities. Payments exceeding ten thousand rupees in non-specified modes are excluded. Specific rules apply for different circumstances, such as asset transfers in amalgamations, demergers, gifts, or conversions. The actual cost may be adjusted by the Assessing Officer if the asset was used previously by another for business, subject to approval by the Joint Commissioner. Special acquisition modes are defined.
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