About deduction
This query is : Resolved
16 March 2017
Suppose a proprietor firm has 20 lakh net profit and it invests 10 lakhs in factory machinery. Cannot it get that 10 lakh as deduction in income tax?
17 March 2017
If new machinery is purchased, then deduction can be claimed in form of depriciation in number of years but single deduction of 10 lakhs is not available.
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