|
Government has reduced the rate of depreciation on machinery and plant from 25% to 15%, furniture and fittings from 15% to 10%, motor cars (not used in a business of running them on hire) from 20% to 15%, motor buses, motor lorries and motor taxis used in a business of running them on hire from 40% to 30%, moulds used in rubber and plastic goods factories from 40% to 30%, machinery and plant used in semi-conductor industry from 40% to 30%, gas cylinders including valves and regulators from 80% to 60%, direct fire glass melting furnaces from 80% to 60%, plant used in mineral oil concerns from 80% to 60% and ships from 25% to 20%.
The notification issued by the Central Board of Direct Taxes amending the Income-tax Rules, 1962 with a view to rationalize the rates of depreciation admissible for block of assets as per the provisions of the Income-tax Rules is available on the website of the Ministry of Finance (finmin.nic.in).
BSC/BY/GN-52/05
|
