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Depreciation Allowance

Definition: Depreciation allowance refers to a tax deduction that allows businesses to recover the cost of certain assets over time. It recognizes the decline in value of these assets due to wear and tear, obsolescence, or other factors.

Sample sentences:

1. The company claimed a depreciation allowance for the new equipment it purchased last year.
2. By taking advantage of the depreciation allowance, the business was able to reduce its taxable income.
3. The government increased the depreciation allowance for renewable energy projects to encourage investments in the sector.

Part of Speech: Noun

Sense: Referring to the tax deduction

Usage: Businesses can utilize the depreciation allowance to lower their taxable income and thus reduce their tax liability.

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