Section 32 of Income Tax Act: Depreciation is allowed on tangible and intangible assets owned by the assessee and used for business or profession.
Additional Depreciation u/s 32(1)(iia): 20% additional depreciation is allowed on new plant & machinery (not second-hand) acquired and installed by a manufacturing or power undertaking.
Half-Year Depreciation Rule: If an asset is put to use for less than 180 days in the year of acquisition, only 50% of the normal depreciation rate is allowed for that year.
Companies Act 2013 (Schedule II): Depreciation under Companies Act is based on useful life of assets using SLM or WDV method. Residual value shall not be more than 5% of the original cost.

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Additional Depreciation of 20% (New Plant & Machinery u/s 32(1)(iia))

Asset used for less than 180 days in first year (Half-Year Rule)

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