Depreciation Allowance

Tax Glossary Definition

Depreciation Allowance

Depreciation Allowance – A deduction permitted under Section 32 of the Income Tax Act for the reduction in value of tangible or intangible assets due to wear and tear, usage, or obsolescence.

Example: Machinery purchased for ₹10 lakh qualifies for a depreciation deduction of ₹1.5 lakh for the financial year

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