Income Tax Rules, 2002

CHAPTER-II

DETERMINATION OF INCOME HEADS OF INCOME PART-II INCOME FROM BUSINESS

From: 2023-11-01 - To: 0000-00-00 12. Particulars required to be furnished for claiming depreciation deduction or initial allowance amortization deduction.- (1) The following particulars shall be furnished by a taxpayer at the time of furnishing a return of income for any tax year in order to claim a depreciation deduction under section 22, an initial allowance under section 23 or an amortization deduction under section 24 read with the Third Schedule to the Ordinance, namely:- (a) a description of each depreciable asset and intangible in respect of which a deduction is claimed; (b) where a depreciable asset or intangible is used in the tax year only partly in deriving income from business chargeable to tax, the extent of such part use; 1[***] (d) if the depreciable asset or intangible was acquired in the tax year, the date of acquisition; (e) the written down value of each depreciable asset at the beginning of the tax year computed in accordance with sub-section (5) of section 22 and the cost of each intangible as determined under sub-section (11) of section 24; (f) the amount of capital expenditure incurred in the tax year on additions, alterations, improvements or extensions in relation to any depreciable asset or intangible and where the depreciable or amortizable amount of such expenditure is limited under the Ordinance, the lower amount shall also be stated; (g) the total value of each depreciable asset for which a depreciation deduction is allowable for the tax year (this is the sum of the amounts specified in clauses (e) and (f), less any initial allowance allowed for the asset in that year; (h) the…