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of <h1>Understanding Depreciation Rules: Section 32 Covers Tangible & Intangible Assets, Excludes Goodwill, Special Provisions for Mergers</h1> Depreciation under Section 32 of the Income Tax Act applies to both tangible and intangible assets owned fully or partially by an assessee and used for business or professional purposes. Depreciation is calculated on the written down value of asset blocks at specified rates, such as 5% for residential buildings and 40% for computers. Amendments exclude goodwill from being considered an asset for depreciation purposes. Depreciation is restricted to 50% if assets are used for less than 180 days in the acquisition year. Special provisions apply for succession, amalgamation, demerger, and imported motor cars. Certain tax options restrict depreciation rates to 40%.
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