Rate Chart of Depreciation u/s 32 of the Income Tax Act . This rate chart provided here covers the amended Rates of Depreciation according to the circular notified by the CBDT with notification no. 103/2016 dated 07/11/2016. The highest rate covered in the below given chart is 40% which was 60% before 01/04/2017.
Latest Depreciation Rates as per Income Tax Act and Companies Act. Depreciation on assets is covered under section 32 of the Income tax act. In order to claim depreciation the asset should be used for business or profession and assesse should be owner of such asset. Depreciation on asset is allowed only if assesse is beneficial owner.
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Depreciation is allowed as deduction under section 32 of Income Tax Act, 1961. In computation of taxable income, the depreciation will be calculate by using rate as per income tax act. This is applicable for all types of taxpayers. As the Income tax act, taxpayer can claim depreciation on Tangible Assets and Intangible Assets.
1) Machinery and plant other than those covered by sub items , and below. 15. 2) 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. 15. 3) Aeroplanes Aeroengines. 40.
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