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Depreciation
if income from tea is bifurcated between agriculture and business income(60:40), then whether while computing PGBP proportionate depreciation of agriculture is allowed? Or not?
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Hi,
In case of Tea business, for Income tax purposes, Depreciation of maximum 40% is allowed in case of any assets. There is no restriction on depreciation allowable even if the exempt portion of the income is 60%.
Therefore, whole depreciation calculated on the assets is allowed as deduction and there is non eed to proportionate or bifurcate the depreciation into taxable and exempt.
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