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of <h1>New Tax Rule Allows 20% Depreciation Deduction for Specific Business Investments in Machinery, Ships, and Industrial Equipment</h1> The amendment modifies section 32 of the Income-tax Act, introducing a new clause for additional depreciation deductions. It allows a 20% deduction on the actual cost of new ships, aircraft, machinery, or plant installed in specific business contexts, including electricity generation, manufacturing, and small-scale industrial undertakings. The amendment provides conditions for claiming the deduction, including options to opt out or revoke the declaration, with specific exclusions for office premises, residential accommodations, and certain previously used equipment.
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