Depreciation - Section 115VK

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....ing ships as specified under section 115VK(2). Separate blocks of assets of qualifying assets and non-qualifying assets (other assets) * The written down value of the block of assets, being ships [or inland vessels, as the case may be(w.e.f. 01.04.2026 Inserted vide Section 32 of Finance Act, 2025) ], as on the first day of the first previous year, * shall be divided in the ratio of the ....

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....e previous year and which form part of the block of assets to be divided by taking the book written down value of each asset appearing in the books of account as on the last day of the preceding previous year. * Any change in the value of the assets consequent to their revaluation after the date on which the Finance (No. 2) Act, 2004 receives the assent of the President shall be ignored * Step....

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.... of other assets. * Appropriate portion of the written down value allocable to the asset, which begins to be used for purposes other than the tonnage tax business, shall be an amount which bears the same proportion to the written down value of the block of qualifying assets as on the first day of the previous year as the book written down value of the asset beginning to be used for purposes othe....

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....reduced from the written down value of the block of other assets and shall be added to the block of qualifying asset. * Appropriate portion of written down value allocable to the asset which begins to be used for the tonnage tax business shall be an amount which bears the same proportion to the written down value of the block of other assets as on the first day of the previous year as the book w....