# The Finance Act, 1966, Section 6: Amendment of section 32

- Act: The Finance Act, 1966 (Act 13 of 1966)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1966/section/6/

## Text

Amendment of section 32 6. In section 32 of the Income-tax Act, in sub-section (1),— (a) to clause (ii), the following proviso shall be added, namely:— "Provided that where the actual cost of any machinery or plant does not exceed seven hundred and fifty rupees, the actual cost thereof shall be allowed as a deduction in respect of the previous year in which such machinery or plant is first put to use by the assessee for the purposes of his business or profession;"; (b) in clause (iii), for clause (1) of the Explanation, the following clause shall be substituted, namely:— '(1) "moneys payable" in respect of any building, machinery, plant or furniture includes— (a) any insurance, salvage or compensation moneys payable in respect thereof; (b) where the building, machinery, plant or furniture is sold, the price for which it is sold, so, however, that where the actual cost of a motor car is, in accordance with the proviso to clause (1) of section 43, taken to be twenty-five thousand rupees, the moneys payable in respect of such motor car shall be taken to be a sum which bears to the amount for which the motor car is sold or, as the case may be, the amount of any insurance, salvage or compensation moneys payable in respect thereof (including the amount of scrap value, if any) the same proportion as the amount of twenty-five thousand rupees bears to the actual cost of the motor car to the assessee as it would have been computed before applying the said proviso;'; (c) in clause (iv), for the words "drawing a remuneration not exceeding two hundred rupees per mensem,", the words 'the income of each such person chargeable under, the head "Salaries" is seven thousand five hundred rupees or less,' shall be substituted;; [Finance Act, 1966] © Copyright. Taxmann Publications Pvt. Ltd.

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