https://www.taxtmi.com/acts?id=50864 The amendment lowers the depreciation rate to twenty per cent for ships, aircraft, machinery and plant specified in the substituted sub-section (8B) and defines actual cost as cost reduced by amounts released under section 32AB(6). It creates transitional qualifying periods for assets acquired or installed between 1 April 1987 and 31 March 1988 subject to pre 12 June 1986 contracts or purchase steps and confines entitlement to the previous year relevant to the assessment year commencing 1 April 1989, while allowing government notification to extend qualifying dates. It also prevents claiming section 32AB deductions in the year a section 32A deduction is taken and for the subsequent four years. en-us Wed, 16 Apr 2025 15:33:03 +0530 Thu, 17 Apr 2025 13:11:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=50864 The amendment lowers the depreciation rate to twenty per cent for ships, aircraft, machinery and plant specified in the substituted sub-section (8B) and defines actual cost as cost reduced by amounts released under section 32AB(6). It creates transitional qualifying periods for assets acquired or installed between 1 April 1987 and 31 March 1988 subject to pre 12 June 1986 contracts or purchase steps and confines entitlement to the previous year relevant to the assessment year commencing 1 April 1989, while allowing government notification to extend qualifying dates. It also prevents claiming section 32AB deductions in the year a section 32A deduction is taken and for the subsequent four years. Act-Rules F. Acts / Amendment Acts Wed, 16 Apr 2025 15:33:03 +0530 https://www.taxtmi.com/acts?id=50864