TaxTMI 
TaxTMI 
Depreciation - Section 32
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.... of running them on hire. - Acquired & put to use between 23.08.19 to 31.03.20 15% 30% 30% 45% Renewable Energy Devices- i. Being wind mills and any specifically designed devices which run on wind mills installed on or after 1-4-2014 ii. Being any special devices including electric generators and pumps running on wind energy installed on or after 1-4-2014 In case windmills and its equipment installed before 1-4-2014 40% 15% Oil Wells 25% Books owned by assessees carrying on a profession- * Books, being annual publications 40% Books, other than those covered by entry (a) above 40% Books owned by assessees carrying on business or in running lending libraries 40% Ships 20% Aeroplanes 40% Air pollution control E....
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....d therefore not eligible for depreciation. Further, Explanation 3 to sec 32(1) has been amended to provide that goodwill of business or profession shall not be considered as an asset for the said sub-section. * Section 43(6) relating to meaning of WDV has been amended to provide that for the purpose of charging depreciation w.e.f. AY 2021-22 in case of Intangible assets, WDV of goodwill computed shall be reduced from WDV of Intangible block of Assets. * Section 55 provides that if goodwill of business or profession ( on which depreciation claimed till PY 19-20) is transferred during PY 20-21 or thereafter then Cost of acquisition of goodwill for the purpose of Capital Gain shall be the actual cost minus depreciation claimed. Depreciati....
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....ation The allowance of depreciation u/s 32(1)(ii) in respect of any block of assets entitled to more than 40% shall be restricted to 40% on the written down value of such block of assets in case of - * a domestic company which has exercised option u/s 115BA, or u/s 115BAA or u/s 115BAB; or * an Individual or HUF which has exercised option u/s 115BAC; or * a Co-operative society resident in India which has exercised option u/s 115BAD. Other Relevant Information - * Depreciation on Assets given for right to use or on installmentse - As per hire purchase agreement ownership of assets will be on the payment of last installment, therefore ownership will not transfer till the last installment and hence assessee can claim depreciation -....