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of <h1>Income-tax Act Section 32 update: Depreciation deductions clarified and unutilized allowances can be carried forward to future years.</h1> Section 32 of the Income-tax Act is amended effective April 1, 2002. In sub-section (1), clause (ii), a proviso is modified to include the period before April 1, 2001, and a new Explanation 5 clarifies that depreciation deductions apply regardless of whether the assessee has claimed them. Sub-section (2) is replaced to allow unutilized depreciation allowances, when profits are insufficient, to be carried forward and added to future allowances, subject to certain provisions, ensuring continuity in depreciation benefits across subsequent years.
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