Depreciation caps imposed for taxpayers opting into new tax regimes; electronic forms and expanded disclosures now required. Depreciation allowance for blocks of assets is capped at forty per cent of written down value for taxpayers who opt into specified concessional tax regimes; where prior-year additional depreciation or unabsorbed depreciation attributable to higher depreciation rates was not set off, the written down value on specified base dates must be increased by such unallowed amounts. Options to adopt these regimes by individuals/HUFs and resident co-operative societies must be filed electronically in prescribed forms (Form 10-IE and Form 10-IF), with procedural, verification and security standards to be specified by the income-tax systems authority. Audit and return forms are amended to record these adjustments and disclosures.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Depreciation caps imposed for taxpayers opting into new tax regimes; electronic forms and expanded disclosures now required.
Depreciation allowance for blocks of assets is capped at forty per cent of written down value for taxpayers who opt into specified concessional tax regimes; where prior-year additional depreciation or unabsorbed depreciation attributable to higher depreciation rates was not set off, the written down value on specified base dates must be increased by such unallowed amounts. Options to adopt these regimes by individuals/HUFs and resident co-operative societies must be filed electronically in prescribed forms (Form 10-IE and Form 10-IF), with procedural, verification and security standards to be specified by the income-tax systems authority. Audit and return forms are amended to record these adjustments and disclosures.
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