https://www.taxtmi.com/acts?id=3546 Depreciation allows deductions for tangible and specified intangible business assets by applying prescribed percentages to actual cost for certain classes or to the written down value of a block of assets. Assets first used for less than 180 days attract half the deduction for that year, with transitional allowances for specified categories. An additional first year allowance applies to qualifying new machinery or plant, subject to exclusions for previously used machinery, office/residential installations and road transport vehicles. Deficiency on sale or destruction (if written off) and carry forward of unabsorbed depreciation are recognized under the sub section. en-us Sat, 19 Jan 2008 22:45:54 +0530 Wed, 27 Aug 2025 12:38:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=3546 Depreciation allows deductions for tangible and specified intangible business assets by applying prescribed percentages to actual cost for certain classes or to the written down value of a block of assets. Assets first used for less than 180 days attract half the deduction for that year, with transitional allowances for specified categories. An additional first year allowance applies to qualifying new machinery or plant, subject to exclusions for previously used machinery, office/residential installations and road transport vehicles. Deficiency on sale or destruction (if written off) and carry forward of unabsorbed depreciation are recognized under the sub section. Act-Rules Income Tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=3546