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of <h1>Depreciation rules under Section 32: WDV, prescribed rates, half-rate for</h1> Deduction for depreciation is allowed for tangible assets and specified intangible assets acquired after 1 April 1998 and used for business or profession, with prescribed percentage rates and WDV treatment for blocks of assets; special prescribed rates apply to power undertakings. Where assets are partly used for business, deduction is proportionately restricted. Assets acquired and used for less than 180 days attract half the prescribed rate. Pro rata limits govern depreciation across succession, amalgamation or demerger. Capital works on leased buildings are treated as owned for depreciation. Additional depreciation for new plant/machinery (subject to exclusions) is 20% or 10% if used under 180 days. Excess deduction limited to available profits, with carryforward of disallowed amounts. Definitions and specific procedural rules are provided.
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