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of <h1>Businesses Can Claim Additional Depreciation Under Section 32(1)(iia) for New Machinery in Manufacturing or Power Sectors</h1> Additional depreciation under Section 32(1)(iia) of the Income Tax Act is available to businesses engaged in the production or manufacture of goods or power generation, transmission, or distribution. It applies to new machinery or plant, excluding ships and aircraft, at 20% of actual cost. Restrictions apply to second-hand machinery, office or residential installations, and fully depreciated assets. If used for less than 180 days in the acquisition year, depreciation is halved, with the remainder available the following year. Special provisions allow 35% depreciation in certain backward areas for investments made between April 1, 2015, and March 31, 2020.
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