Month: October 2023

Depreciation on straight – line basis in the case of power unit under Income Tax

Section 43(1) of the Income Tax Act, 1961 defines the term “actual cost” of an

Section 32(1) of the Income Tax Act, 1961 allows an additional depreciation of 20% of

The written down value (WDV) of a depreciable asset as per section 43(6) of the

BASIC CONCEPTS FOR COMPUTATION OF DEPRECIATION ALLOWANCE Depreciation is the allocation of the cost of

Section 32of Income TaxAct, 1961 (ITA) deals with depreciation. It allows a deduction for the

Section 31 of the Income Tax Act, 1961, deals with the penalty for breach of

Section 30 of the Income Tax Act, 1961 allows for deductions in respect of rent,

Disallowance of depreciation is a provision in the Income Tax Act that allows the government