Additional Depreciation: Deduction from Business Income under Income Tax
Section 32 of Income Tax provides for additional depreciation equal to 20% of actual cost in the case of any new machinery and plant (other than ships and aircraft) …
Tag: Depreciation
Ind AS to Apply for ‘Amortisation of Intangible Assets’ under Schedule II: MCA
MCA has amended Schedule II to Companies Act, 2013 to clarify that relevant Ind AS shall apply for computation of amortisation amount over the useful life of intangible assets. …
CBDT Notifies 7 Backward Districts in Andhra Pradesh for IT Sec. 32AD(1) & 32(1)(iia)
CBDT has notified 7 backward districts in Andhra Pradesh (i.e. Anantapur, Chittoor, Cuddapah, Kurnool, Srikakulam, Vishakhapatnam and Vizianagaram) and has extended tax incentives under Sec. 32AD(1) & 32(1)(iia) of …
ICAI Guidance Note- Depreciation Accounting in Companies (Sch. II Companies Act)
To solve issues arising out of Schedule II to the Companies Act, 2013, the ICAI has formulated Guidance Note on Accounting for Depreciation in Companies in the context of …