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section 32

Latest Articles


How Small Businesses can Optimize Tax Benefits under Income Tax Act 1961

Income Tax : Learn how small businesses in India can optimize tax benefits through strategic structuring, presumptive taxation, deductions, MSM...

May 5, 2025 621 Views 0 comment Print

Statutory Deductions “Depreciation”: Key Principles and Court Rulings

Income Tax : Depreciation is statutory deduction that allows businesses to set off cost of their tangible & intangible assets over their useful...

November 24, 2024 2508 Views 0 comment Print

Mastering Depreciation: Exploring Formula Derivation & Accurate Application

CA, CS, CMA : Learn the correct way to calculate and apportion depreciation using the Written Down Value method for accurate scrap value over an...

October 4, 2024 1290 Views 0 comment Print

Income Tax Deductions allowable to tax payer

Income Tax : Explore allowable tax deductions for AY 2025-26, covering salaries, house property, business, and personal expenses. Maximize your...

September 7, 2024 1866 Views 0 comment Print

Rates of Depreciation as Per Income Tax Act, 1961

Income Tax : Rates of depreciation applicable for income tax purposes from assessment year 2003-04 to 2025-26. This guide includes rates for ta...

September 5, 2024 2749300 Views 148 comments Print


Latest News


Fixed Asset Management Tool with Depreciation Calculator for Companies

Company Law : Key Features of Fixed Asset Management Tool with Depreciation Calculator for Companies ♦ Line wise SLM and WDV Depreciation as p...

August 16, 2021 15342 Views 0 comment Print

Additional 15% depreciation on Motor Vehicles- No TDS on cash payments by APMCs

Income Tax : Addressing the concerns raised by Agriculture Produce Market Committees (APMCs), it has been decided not to levy the 2% TDS on cas...

September 18, 2019 7989 Views 1 comment Print

Depreciation in case of slump sale based on proportionate number of days by transferor and transferee company- Clarify legal position- ICAI

Income Tax : The proviso to section 32 provides that the aggregate deduction, in respect of depreciation of buildings, machinery, plant or furn...

January 17, 2018 18912 Views 0 comment Print


Latest Judiciary


Sale of Liquid Carbon Dioxide was liable to be taxed at 5%

Goods and Services Tax : Sale of liquid carbon dioxide was liable to be taxed at 5% as Heading No.2811 21 specifically mentioned carbon dioxide, it may how...

May 12, 2025 135 Views 0 comment Print

Directions provided to make process of digital KYC accessible to persons with disabilities

Corporate Law : Technology has played a transformative role in reshaping India’s economy and governance. Initiatives such as Digital India aim t...

May 9, 2025 87 Views 0 comment Print

Amalgamated company not having Government approval entitled to adjust WDV of assets of amalgamating company

Income Tax : Bombay High Court held that amalgamated company not having obtained approval of Central Government is entitled to adjust the Writt...

April 28, 2025 159 Views 0 comment Print

Resolution plan of Piramal Capital and Housing Limited for DHFL approved

Corporate Law : Supreme Court held that resolution plan by Successful Resolution Application i.e. Piramal Capital and Housing Limited for Dewan Ho...

April 25, 2025 237 Views 0 comment Print

Interest on loan taken to acquire shares eligible for deduction u/s. 36(1)(iii): ITAT Hyderabad

Income Tax : ITAT Hyderabad held that interest on loan taken to acquire shares of any company for taking controlling interest is eligible as de...

April 22, 2025 177 Views 0 comment Print


Latest Notifications


Rule 8AC Computation of short term capital gains & written down

Income Tax : CBDT inserts new Income Tax Rule 8AC -Computation of short term capital gains and written down value under section 50 where deprec...

July 7, 2021 7509 Views 0 comment Print

CBDT notifies Additional depreciation on Motor car & motor vehicles

Income Tax : Income-tax (9th Amendment) Rules, 2019 – Additional depreciation on motor cars and motor vehicles shall be allowed in certai...

September 20, 2019 133785 Views 19 comments Print

Commercial rights in the nature of intangible assets eligible for depreciation

Income Tax : A reading of the agreement between STL and the assessee clarifies that a specific amount, i.e., Rs.9 Crores was paid by the assess...

April 15, 2015 7705 Views 0 comment Print

Amendment in Income Tax Rules Related to Depreciation on Fixed Assets

Income Tax : Notification No. 43/2014-Income Tax S.O. 2399(E).—In exercise of the powers conferred by Section 295 read with Section 32 of the...

September 16, 2014 18142 Views 0 comment Print

MVAT circular on Issuing of Tax Clearance Certificates

Goods and Services Tax : In view of this situation, it is necessary that the procedure for the issuing of such certificates should be standardized. Such ce...

January 5, 2010 27202 Views 3 comments Print


Latest Posts in section 32

Sale of Liquid Carbon Dioxide was liable to be taxed at 5%

May 12, 2025 135 Views 0 comment Print

Sale of liquid carbon dioxide was liable to be taxed at 5% as Heading No.2811 21 specifically mentioned carbon dioxide, it may however be noted that there was no qualification that carbon dioxide should be in a gaseous form.

Directions provided to make process of digital KYC accessible to persons with disabilities

May 9, 2025 87 Views 0 comment Print

Technology has played a transformative role in reshaping India’s economy and governance. Initiatives such as Digital India aim to promote efficiency, transparency, and accessibility through digital means.

How Small Businesses can Optimize Tax Benefits under Income Tax Act 1961

May 5, 2025 621 Views 0 comment Print

Learn how small businesses in India can optimize tax benefits through strategic structuring, presumptive taxation, deductions, MSME benefits, GST ITC, and available incentives.

Amalgamated company not having Government approval entitled to adjust WDV of assets of amalgamating company

April 28, 2025 159 Views 0 comment Print

Bombay High Court held that amalgamated company not having obtained approval of Central Government is entitled to adjust the Written Down Value [WDV] of the assets of amalgamating companies and claim depreciation on such adjusted written down value.

Resolution plan of Piramal Capital and Housing Limited for DHFL approved

April 25, 2025 237 Views 0 comment Print

Supreme Court held that resolution plan by Successful Resolution Application i.e. Piramal Capital and Housing Limited for Dewan Housing Finance Corporation Ltd [DHFL] stands approved. Accordingly, appeal filed by assessee dismissed.

Interest on loan taken to acquire shares eligible for deduction u/s. 36(1)(iii): ITAT Hyderabad

April 22, 2025 177 Views 0 comment Print

ITAT Hyderabad held that interest on loan taken to acquire shares of any company for taking controlling interest is eligible as deduction under section 36(1)(iii) of the Income Tax Act. Accordingly, appeal of revenue dismissed.

No requirement under law for registration of knowhow to claim depreciation

April 20, 2025 420 Views 0 comment Print

ITAT Kolkata rules no legal requirement for knowhow registration to claim depreciation under Section 32. Landis + Gyr case summary.

Scrutiny of Additions Based on Seized Documents Remanded for Re-Examination

April 17, 2025 246 Views 0 comment Print

The JDA was signed between one Mr. U.K. Hasanabba and Mr. U. Ibrahim on one side as landowners and Mr. Abdul Khader K (on behalf of the assessee) and Mr. K. Hussain Abbas (on behalf of the HNGC Builders and Developers).

Depreciation on Finance Lease Rental Payment allowed to lessee: ITAT Mumbai

April 15, 2025 99 Views 0 comment Print

ITAT Mumbai held that alternative claim of assessee (lessee) to allow depreciation on Finance Lease Rental Payment is allowable since lessor is allowed deduction of the same under section 37(1) of the Income Tax Act.

Provisioning for Asset Reconstruction Cost justified as AS 29 prescriptions qualified

April 10, 2025 135 Views 0 comment Print

Delhi High Court held that the provisioning for Asset Reconstruction Cost qualified the prescriptions of AS 29 and the assessee was thus justified in accounting for the same. Thus, that question is answered in favour of assessee.

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