Section 179 Bonus Depreciation 2024 India. The section 179 deduction and bonus depreciation provide additional deductions to income in year a vehicle is placed in service thereby reducing a company's tax liability. Section 179 and bonus depreciation are both tax incentives that aim to encourage businesses to invest in capital assets.

It begins to be phased out if 2024 qualified asset additions exceed $3.05 million. While section 179 provides an upfront deduction up to a certain limit, bonus depreciation.