32ac
This query is : Open
05 September 2015
Dear Sir
Is any rule regarding 32AC that need to file any form or Get any certificate that we have invested in Plant & Machinery for more than 100cr to claim a deduction of 15%.
Is any rule regarding 32AC that need to file any form or Get any certificate that we have invested in Plant & Machinery for more than 100cr to claim a deduction of 15%.
05 September 2015
Amendment of section 32AC.
11. In section 32AC of the Income-tax Act, with effect from the 1st day of April, 2015,—
(i)after sub-section (1), the following sub-sections shall be inserted, namely:—
"(1A) Where an assessee, being a company, engaged in the business of manufacture or production of any article or thing, acquires and installs new assets and the amount of actual cost of such new assets acquired and installed during any previous year exceeds twenty-five crore rupees, then, there shall be allowed a deduction of a sum equal to fifteen per cent of the actual cost of such new assets for the assessment year relevant to that previous year:
Provided that no deduction under this sub-section shall be allowed for the assessment year commencing on the 1st day of April, 2015 to the assessee, which is eligible to claim deduction under sub-section (1) for the said assessment year.
(1B) No deduction under sub-section (1A) shall be allowed for any assessment year commencing on or after the 1st day of April, 2018.";
(ii)in sub-section (2), after the words, brackets and figure "allowed under sub-section (1)", the words, brackets, figure and letter "or sub-section (1A)" shall be inserted.
11. In section 32AC of the Income-tax Act, with effect from the 1st day of April, 2015,—
(i)after sub-section (1), the following sub-sections shall be inserted, namely:—
"(1A) Where an assessee, being a company, engaged in the business of manufacture or production of any article or thing, acquires and installs new assets and the amount of actual cost of such new assets acquired and installed during any previous year exceeds twenty-five crore rupees, then, there shall be allowed a deduction of a sum equal to fifteen per cent of the actual cost of such new assets for the assessment year relevant to that previous year:
Provided that no deduction under this sub-section shall be allowed for the assessment year commencing on the 1st day of April, 2015 to the assessee, which is eligible to claim deduction under sub-section (1) for the said assessment year.
(1B) No deduction under sub-section (1A) shall be allowed for any assessment year commencing on or after the 1st day of April, 2018.";
(ii)in sub-section (2), after the words, brackets and figure "allowed under sub-section (1)", the words, brackets, figure and letter "or sub-section (1A)" shall be inserted.
05 September 2015
Sir.
Tq for your reply.and just investing in more than 100 cr ,can claim deduction or need to file any form or obtain any certificate to claim that deduction?
Tq for your reply.and just investing in more than 100 cr ,can claim deduction or need to file any form or obtain any certificate to claim that deduction?
05 September 2015
Sir.
Tq for your reply.and just investing in more than 100 cr ,can claim deduction or need to file any form or obtain any certificate to claim that deduction?
Tq for your reply.and just investing in more than 100 cr ,can claim deduction or need to file any form or obtain any certificate to claim that deduction?
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