https://www.taxtmi.com/manuals?id=1093 Section 32AD permits an additional deduction for undertakings set up in notified backward areas that acquire and install a new asset (plant or machinery, subject to specific exclusions) within the prescribed installation window; the allowance is claimable in the year of installation at a prescribed proportion of actual cost. If the new asset is sold or otherwise transferred within the specified retention period, the allowance is treated as business income of the year of transfer and taxed in addition to any capital gain, with an exception for transfers by amalgamation, demerger or qualifying business reorganisations unless the successor transfers the asset within the retention period. en-us Tue, 15 Sep 2015 10:43:00 +0530 Wed, 06 Mar 2024 15:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=1093 Section 32AD permits an additional deduction for undertakings set up in notified backward areas that acquire and install a new asset (plant or machinery, subject to specific exclusions) within the prescribed installation window; the allowance is claimable in the year of installation at a prescribed proportion of actual cost. If the new asset is sold or otherwise transferred within the specified retention period, the allowance is treated as business income of the year of transfer and taxed in addition to any capital gain, with an exception for transfers by amalgamation, demerger or qualifying business reorganisations unless the successor transfers the asset within the retention period. Manuals Income Tax Tue, 15 Sep 2015 10:43:00 +0530 https://www.taxtmi.com/manuals?id=1093