Summary of Important Amendments by FA 2015 in Chapter IV-D

Section No.

Particulars

Proviso to S. 32(1)(iii)

Unclaimed balance 50% of additional depreciation u/ 32(1)(iia) be allowed in the subsequent year

Sec 32AD

Proviso to Sec 32(1)(iia)

Rate of additional depreciation  to assessees  fulfilling conditions in Sec 32AD = 35%

Sec 35(2AB) + 35(2AA)

Procedural areas

36(1)(iii)

Interest in respect of loan for acquisition of asset to be capitalised, in all cases

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Even if not for extension of business

36(1)(vii)

Even if not recognised as income in the books, if an item is admitted as income as per ICDS

it becomes qualified to be allowed as deduction when it becomes irrecoverable later.

36(1)(xvii)

Deduction in respect of Cooperative society, which produces sugarcane

Price paid for sugarcane as fixed by government =< Deduction

Circulars

03/2015

Only that portion of expense, which was  chargeable to tax be disallowed u/s. 40(a)(i) for non-deduction of TDS

43/2014

Rate of depreciation w.r.t. windmills or other renewable energy device

Abbreviations

P&M

Plant and Machinery

=<

Less than or equal to