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of <h1>Amendment to Section 32: New Rules for Depreciation on Assets, Including Intangibles and Asset Transactions Explained.</h1> The amendment to Section 32 of the Income-tax Act, effective April 1, 1999, revises depreciation provisions for both tangible and intangible assets. Tangible assets include buildings, machinery, plant, or furniture, while intangible assets encompass know-how, patents, copyrights, trademarks, licenses, and similar business rights acquired after April 1, 1998. It introduces new explanations defining 'assets' and 'block of assets' and specifies conditions for claiming depreciation on assets that are sold, discarded, or destroyed. The amendment also clarifies terms like 'moneys payable' and 'sold,' including provisions for insurance, salvage, and compensation related to asset transactions.
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