2024 Bonus Depreciation Bill In India. The tax cuts and jobs act (tcja) significantly boosted the potential value of bonus depreciation for taxpayers—but only for a limited duration. In 2024, the bonus depreciation rate will drop to.
Bonus depreciation is a valuable tax incentive that allows businesses to deduct a significant portion of the cost of eligible assets upfront, rather than writing them off incrementally. An assessee should satisfy various conditions to claim depreciation expense under income tax act.