The calculation of investment in plant and machinery of a enterprises will be directly linked to the Income Tax Return filed for the previous years.
For new enterprise, which not filed income tax prior to registration, the investment can be mentioned as self-declaration by the promoter of the entity and such relaxation of self declaration will end after the 31st March of the financial year in which the new entity files it Income Tax return.
The wording plant and machinery or equipment of the enterprise, will have the same meaning as provided to the plant and machinery in the Income Tax Rules framed under the Income Tax Act, 1961 and will include all assets other than land and building, furniture and fittings.
The purchase value of a plant and machinery or equipment as per the invoice whether purchased as new machinery or second hand, shall be taken into account excluding the GST on self-disclosure basis.