( iv) New commercial vehicle which is acquired on or after the 1st day of October, 1998, but before the 1st day of April, 1999 in replacement of condemned vehicle of over 15 years of age and is put to use for any period before the 1st day of April, 1999 for the purposes of business or profession in accordance with the third proviso to clause ( ii) of sub-section (1) of section 32 ( iii) Commercial vehicle which is acquired by the assessee on or after the 1st day of October, 1998, but before the 1st day of April, 1999 and is put to use for any period before the 1st day of April, 1999 for the purposes of business or profession in accordance with the third proviso to clause ( ii) of sub-section (1) of section 32 (b) Motor buses, motor lorries and motor taxis used in a business of running them on hire, acquired on or after the 23rd day of August, 2019 but before the 1st day of April, 2020 and is put to use before the 1st day of April, 2020. ( ii) (a) Motor buses, motor lorries and motor taxis used in a business of running them on hire other than those covered under entry (b). (ii) Motor cars, other than those used in a business of running them on hire, acquired on or after the 23rd day of August, 2019 but before the 1st day of April, 2020 and is put to use before the 1st day of April, 2020.

( 2) (i) Motor cars, other than those used in a business of running them on hire, acquired or put to use on or after the 1st day of April, 1990 except those covered under entry (ii) ( 1) Machinery and plant other than those covered by sub-items (2), (3) and (8) below : ( 4) Purely temporary erections such as wooden structuresįurniture and fittings including electrical fittings ( 3) Buildings acquired on or after the 1st day of September, 2002 for installing machinery and plant forming part of water supply project or water treatment system and which is put to use for the purpose of business of providing infra- structure facilities under clause ( i) of sub-section (4) of section 80-IA ( 2) Buildings other than those used mainly for residential purposes and not covered by sub-items (1) above and (3) below ( 1) Buildings which are used mainly for residential purposes except hotels and boarding houses

Depreciation Rates as per Companies Act,1956Ĭhart of Rates of depreciation (for income-tax) AS APPLICABLE FROM THE ASSESSMENT YEAR 2003-04 ONWARDSĭepreciation allowance as percentage of written down value.

Rates of depreciation as per Companies act 2013.

69/2019-Income Tax Dated 20th September, 2019 by which Depreciation Rate on Motor Car was changed. Rates are also been updated with Notification No. 50, 60, 80 and 100) occurs, the figure ’40’ shall be substituted with effect from 1 April 2017. The Notification states that wherever higher rates (i.e. New Appendix I which provides a table of depreciation rates has been amended. In case of a domestic company, which has exercised an option under Section 115BA of the Income-tax Act, 1961 of rate of taxation from 30% to 25%, the depreciation allowance under Section 32(1)(ii) of the Act in respect of any block of assets entitled to more than 40 per cent shall be restricted to 40 per cent on the written down value of such block of assets with effect from 1 April 2016. Intangible Assets being knowhow, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature in respect of which same percentage of depreciations is prescribed. Tangible Assets being buildings, machinery, plant or furniture ī. 1-4-1999 shall mean a group of assets falling within a class of assets comprising:–Ī. Know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature for Financial Year 2002-03 onwardsīlock of Assets – The expressions Assets and Blocks of Assets w.e.f.

Rates of Depreciation as Per Income Tax Act, 1961 listed here cover various tangible and intangible assets, helping taxpayers understand the allowed Rates of Depreciation as per the Income Tax Act.Īrticle provides Rates of Depreciation as per Income Tax Act, 1961 on Building, Plant & Machinery, Furniture & Fittings, Ships & on Intangibles Assets i.e. Depreciation is an essential factor in calculating taxable income for businesses and individuals owning assets.

This comprehensive guide provides information on the rates of depreciation applicable for income tax purposes from the assessment year 2003-04 onwards.

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