Section 35CCA Sections 35CCA, 35CCC, 35CCO & 35DDA MISCELLANEOUS DEDUCTIONS . Section No, 35AC, 35CCA, 35CCC, 35CCD. Expenses Covered ... Next: Section 43B Certain Deductions Only if Amt paid? · Income Tax ... Section 35DDA Expenditure on Voluntary Retirement Scheme

AMORTIZATION OF CERTAIN PRELIMINARY EXPENSES Amortization of preliminary expenses. ... Amortization of preliminary expenses incurred prior to the commencement of business, extending an existing business, setting up a new unit etc. are eligible to be amortized under section 35D of the Income Tax Act, 1961 #AMORTIZATIONOFCERTAINPRELIMINARYEXPENSES

Section 35AD INVESTMENT LINKED TAX INCENTIVE FOR SPECIFIED BUSINESS Specified Business : Setting up and operating a cold chain facility. Setting up and operating a warehousing facility for storage of agriculture produce. ... Setting up and operating an inland container depot or a container freight station notified or approved under the Customs Act, 1962 #Section35ADINVESTMENTLINKEDTAXINCENTIVEFORSPECIFIEDBUSINESS

Section 35 EXPENDITURE ON SCIENTIFIC RESEARCH Section 35(1)(i) allow deduction for any expenditure (not be of capital nature) laid out or expended on scientific research related to the business in nature of salary of person engaged in such research or acquisition of material required for such research #Section35EXPENDITUREONSCIENTIFICRESEARCH

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Section 43B CERTAIN DEDUCTIONS ALLOWED ON ACUTUAL PAYMENT BASIS Section 43B – Deductions only on Actual Payments. In computation of income under the head Profits and gains of business or profession (PGBP), some of the expenses are allowed under Income Tax Act 1961 and can be claimed by the assessee only in the year in which the payment is actually made #Section43BCERTAINDEDUCTIONSALLOWEDONACUTUALPAYMENTBASIS

43(1)] - Where an asset is used in the business after it ceases to be used for scientific research, the actual cost of the asset to the assessee will be the actual cost to the assessee as reduced by the amount of any deduction allowed.

Section 32AD INVESTMENT ALLOWANCE FOR NOTIFIED BACKWARD AREAS Section 32AD - Investment if new plant or machinery in notified backward areas in certain states. 2. Quantum of deduction – Deduction @ 15% of the actual cost of the new asset installed. #Section32ADINVESTMENTALLOWANCEFORNOTIFIEDBACKWARDAREAS

Section 32 DEPRECIATION IN CASE OF SUCCESSION OF BUSINESS Referring to Section 32(1) proviso, introduced by the Finance Act 1996, effective from 1997-98, the assessee contended that in the case of succession, depreciation should be allowed proportionately for different periods and the aggregate deduction should not be more than the total allowable depreciation #Section32DEPRECIATIONINCASEOFSUCCESSIONOFBUSINESS

section 32(1)(iia) additional depreciation According to an amendment made into the provisions of Section 32 of the Income Tax Act, 1961, currently considered as Section 32(1) (iia), an additional depreciation of 20% of the real cost of the asset shall be allowed on those machinery or plant which have been installed by assessee involved in the business #section 32(1)(iia) additional depreciation

Section 32(2) TREATMENT OF 'UNABSORBED DEPRECIATION' 32(2) of the Act, w.e.f. 1st April, 1997, if the income from business for the assessment year is insufficient to absorb the depreciation allowance of that assessment year, the amended provision permits absorption of depreciation allowance of a business against profits and gains of any other business of the same #Section322TREATMENTOFUNABSORBEDDEPRECIATION

Manner of Calculating Depreciation under Income Tax Act Section 32(1) of the Income Tax Act 1961 says that depreciation should be computed at the prescribed percentage on the WDV of the asset, which in turn is calculated with reference to the actual cost of the asset. When an assessee is acquiring the asset in the previous year then the actual cost becomes the WDV. #MannerofCalculatingDepreciationunderIncomeTaxAct

Rates of Depreciation- PGBP "Electrical fittings" include electrical wiring, switches, sockets, other fittings and fans, etc. 5A. Rate of depreciation shall be 40% if conditions of Rule 5(2) are satisfied. #RatesofDepreciationPGBP

Assets on Which Depreciation is Admissible Depreciation is allowable as expense in Income Tax Act, 1961 on basis of block of assets on Written Down Value (WDV) method. Depreciation on Straight Line Method (SLM) is not allowed. Block of assets means group of assets falling within a class of assets for which same rate of depreciation is prescribed #AssetsonWhichDepreciationisAdmissible