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of <h1>Income-tax Amendment Caps Depreciation at 40% for Entities u/ss 115BA, 115BAA, 115BAB, 115BAC, 115BAD.</h1> The Income-tax (22nd Amendment) Rules, 2020, issued by the Central Board of Direct Taxes, amend the Income-tax Rules, 1962. Key changes include adjustments to depreciation allowances for specific entities under sections 115BA, 115BAA, 115BAB, 115BAC, and 115BAD. The amendment specifies that depreciation for certain assets will be capped at 40% for domestic companies, individuals, Hindu undivided families, and co-operative societies opting for specific tax provisions. New forms, 10-IE and 10-IF, are introduced for exercising tax options electronically. The notification also updates forms 3CD, 3CEB, and ITR-6 to reflect these changes, effective from their publication date.
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