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of <h1>Finance Act 2002 amends Section 32, adding 15% deduction for new machinery in manufacturing. Effective April 1, 2003.</h1> The Finance Act, 2002, amends Section 32 of the Income-tax Act, effective April 1, 2003. The amendment introduces clause (iia), allowing a 15% deduction on the cost of new machinery or plant (excluding ships and aircraft) acquired and installed after March 31, 2002, for manufacturing businesses. This deduction applies to new industrial undertakings starting production after April 1, 2002, or existing ones expanding capacity by at least 25%. Exclusions include previously used machinery, office equipment, and fully deductible assets. Claiming this deduction requires prescribed documentation and certification by an accountant. Definitions for 'new industrial undertaking' and 'installed capacity' are provided.
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