Tax Laws and Practice – Investment Allowance (Section 32AC)

CS Executive classes online : Tax Laws and Practice – Investment Allowance (Section 32AC)

Investment Allowance (Section 32AC)

Section 32AC allows a deduction for investment in new plant and machinery. This deduction is allowed in addition to the depreciation and additional depreciation.

It’s an incentive for acquisition and installation of new plant and machinery by a manufacturing company. This is an incentive which was introduced in the Income Tax Act, 1961 to promote the investment in new and high-value plant and machinery by the manufacturing companies. The acquisition and installation were to be done starting from 1st April 2013 and up to 31st March 2015. The Section was amended to provide the deduction in the FY 2016-17 also.

The deduction is an investment-linked deduction i.e. the deduction is allowed as a percentage to the investment amount.

The proper explanation on the Investment allowance is available for CS PREPARATION in CS Executive online classes

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