Section 32 of ITA, 1961 : Section 32: Depreciation

ITA, 1961

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Explanation using Example

Imagine a company, XYZ Pvt. Ltd., which manufactures electronic gadgets. In the financial year 2022-2023, they purchase new machinery for their manufacturing plant worth INR 10,00,000. According to Section 32 of the Income-tax Act, 1961, XYZ Pvt. Ltd. is entitled to claim depreciation on this machinery as it is a tangible asset used for business purposes.

Since the machinery is new and acquired after April 1, 2005, and used for manufacturing, XYZ Pvt. Ltd. can claim not only the normal depreciation but also an additional depreciation of 20% of the actual cost, as per clause (ii...

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