Written by Akhter Syed in Taxation Taxpayers claiming depreciation, initial allowance or amortisation deductions must provide detailed asset information, acquisition costs, applicable rates and written-down values when filing income tax returns. The Federal Board of Revenue (FBR) has specified the particulars taxpayers must furnish when claiming depreciation, initial allowance and amortisation deductions for Tax Year 2027. According to Rule 12 of the Income Tax Rules, 2002, updated up to September 15, 2026, taxpayers must provide prescribed asset details when filing income tax returns to claim deductions under Sections 22, 23 and 24 of the Income Tax Ordinance, 2001, read with the Third Schedule. Details required for depreciation claims The FBR requires taxpayers to provide the following information: 1. Description of each depreciable asset and intangible asset for which a deduction is claimed. 2. Extent of business use where an asset is used partly to generate taxable business income. 3. Acquisition date of assets purchased during the tax year. 4. Opening written-down value of each depreciable asset and cost of each intangible asset. 5. Capital expenditure incurred on additions, alterations, improvements or extensions, including any applicable limits on deductible expenditure. 6. Total value of each depreciable asset eligible for depreciation, after adjusting for initial allowance. 7. Applicable depreciation and initial allowance rates, along with the normal useful life of intangible assets. 8. Annual depreciation, initial…