Hydraulic works, pipelines and sluices [NESD]. Transmission lines, cables and other network assets, 8. Bauxite crushing and grinding section [NESD], 11. This is according to the Income Tax Act 1962 which gives the different rates of depreciation for different classes of assets. 600 × Rs. 8. Applicable from the Assessment year 2004-05. GSR 237(E) [F. No. The rates of 15% is applicable on 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); Short title This Act may be cited as the Income Tax Act. “Speed boat” means a motor boat driven by a high speed internal combustion engine capable of propelling the boat at a speed exceeding 24 kilometers per hour in still water and so designed that when running at a speed, it will plane, i.e., its bow will rise from the water. Ordinarily, the residual value of an asset is often insignificant but it should generally be not more than 5% of the original cost of the asset.”, [As amended by Finance (No. 8. 10. Rs. 90). Furniture 3. 17/60/2012-CL-V], dated 31-3-2014, w.e.f. Depreciation on asset is allowed only if assesse is beneficial owner. Depreciation rates 3. There will be a difference in this case. Motor cycles, scooters and other mopeds, 2. 6. Field operations (above This is applicable for all types of taxpayers Corresponds to Schedule XIV of the 1956 Act. GSR 237(E) [F. No. Plant and Machinery except direct fire glass melting furnaces — Moulds [NESD], (c)  Plant and Machinery used in mines and quarries—Portable under ground machinery and earth moving machinery used in open cast mining [NESD], (d)  Plant and Machinery used in Telecommunications [NESD], 2. Plant and Machinery except direct fire glass melting furnaces —, Recuperative and regenerative glass melting furnaces, 2. 90 and the tax rate is 25%. Vessels ordinarily operating on inland waters—, IX. The depreciable amount of an asset is the cost of an asset or other amount substituted for cost, less its residual value. Solar power is being promoted in corporates and private sector by Govt of India through Tax relief by allowing them to avail higher rate of depreciation more often termed as accelerated depreciation / AD Benefit, under section 32 of Income Tax act. BUILDING [See Notes 1 to 4 below the Table], (1) Buildings which are used mainly for residential purposes except hotels and boarding houses, (2)  Buildings other than those used mainly for residential purposes and not covered by sub-items (1) above and (3) below, (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, (4)  Purely temporary erections such as wooden structures, Furniture and fittings including electrical fittings [See Note 5 below the Table], (1)   Machinery and plant other than those covered by sub-items (2), (3) and (8) below : [See Note 5A below the Table]. Depreciation allowance is one of the deductions allowed from business or professional income chargeable under section 28 or other income chargeable under section 56(2)(ii) or 56(2)(iii) of the Income Tax Act, 1961. (ii)  Reinforced concrete pipelines and surge tanks steel pipelines, sluice gates, steel surge (tanks), hydraulic control valves and other hydraulic works. Telecom—Ducts, Cables and optical fibre, (e)  Plant and Machinery used in exploration, production and refining oil and gas [NESD], 2. 1 SCHEDULE II 2 (See section 123)USEFUL … Prior to their substitution, clauses (i) to (iii) read as under : “(i)  In case of such class of companies, as may be prescribed and whose financial statements comply with the accounting standards prescribed for such class of companies under section 133 the useful life of an asset shall not normally be different from the useful life and the residual value shall not be different from that as indicated in Part C, provided that if such a company uses a useful life or residual value which is different from the useful life or residual value indicated therein, it shall disclose the justification for the same. 500 Crores) which would be charged to profit and loss and 0.83% (i.e. 2. The expressions "heavy goods vehicle", "heavy passenger motor vehicle", "light motor vehicle", "medium goods vehicle", "medium passenger motor vehicle", "maxi-cab", "motor-cab", "tractor" and "road-roller" shall have the meanings respectively as assigned to them in section 2 of the Motor Vehicles Act, 1988 (59 of 1988). And Rs.1,00,000 is allowed as full depreciation in the year of purchase while computing the taxable income. 1,50,000. 3. 40%. Except for assets in respect of which no extra shift depreciation is permitted (indicated by … Therefore depreciation rates prescribed under income tax is only allowable whatever the depreciation is charged in books of accounts. “Buildings” include roads, bridges, culverts, wells and tubewells. "Continuous process plant" means a plant which is required and designed to operate for twenty-four hours a day. 2. If a new addition is made in an existing asset then it is considered as an asset if it increases the capacity of the existing asset or reduces per unit cost otherwise, it should be treated as an expense. 3. Since you are a proprietary firm, therefore it will be 15% depreciation on the Mobile Phone. 2. 28/1/99-CTI of 31-3-1999. Interpretation In this Act, unless the context otherwise requires- 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. For the purpose of this Schedule, the term depreciation includes amortisation. 2. The useful lives of assets working on shift basis have been specified in the Schedule based on their single shift working. Must Read: Service Tax in Tally. 2. 28/1/99-CTI of 31-3-1999. Therefore Deferred tax provision will be created. ground) Portable boilers, drilling tools, well-head tanks, etc. Where a company arrives at the amortisation amount in respect of the said Intangible Assets in accordance with any method as per the applicable Accounting Standards, it shall disclose the same.]. Depreciation rate under company's act for plant & machinery is 13.91 % (mobile taken as plant & machinery) as per income tax act 15%. 500 Crore × 100) is the amortisation rate for the first year. section 32 [See Note 6 below the Table], (v)  New commercial vehicle which is acquired on or after the 1st day of April, 1999 but before the 1st day of April, 2000 in replacement of condemned vehicle of over 15 years of age and is put to use before the 1st day of April, 2000 for the purposes of business or profession in accordance with the second proviso to clause (ii) of sub-section (1) of From the date this Schedule comes into effect, the carrying amount of the asset as on that date—. (j)  Plant and Machinery used in manufacture of pharmaceuticals and chemicals [NESD], 3. 6. Cinematograph films—Machinery used in the production and exhibition of cinematograph films, recording and reproducing equipments, developing machines, printing machines, editing machines, synchronizers and studio lights except bulbs, 2. [NESD], 12. APPENDIX I ... (thermal efficiency higher than75 per cent in case of coal fired and 80 per cent in case of oil/gas fired boilers) 80: ... "tractor" and "roadroller" shall have the meanings respectively as assigned to them in section 2 of the Motor Vehicles Act, 1988 (59 of 1988). 600 Crores, in the following manner:—. 10,000 per day for 15 days and is eligible to claim Depreciation as per Income Tax Act on the actual cost of Rs. Amortisation in such cases may be done as follows:—, (b) Meaning of particulars are as follows :—. 4.16 Crore/Rs. 1. (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 [See Note 6 below the Table], (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 [See Note 6 below the Table], (v)  New commercial vehicle which is acquired on or after the 1st day of April, 1999 but before the 1st day of April, 2000 in replacement of condemned vehicle of over 15 years of age and is put to use before the 1st day of April, 2000 for the purposes of business or profession in accordance with the second proviso to clause (ii) of sub-section (1) of section 32 [See Note 6 below the Table], (vi)  New commercial vehicle which is acquired on or after the 1st day of April, 2001 but before the 1st day of April, 2002 and is put to use before the 1st day of April, 2002 for the purposes of business or profession [See Note 6 below the Table], (via) New commercial vehicle which is acquired on or after the 1st day of January, 2009 but before the 1st day of October, 2009 and is put to use before the 1st day of October, 2009 for the purposes of business or profession [See paragraph 6 of the Notes below this Table], (vii)  Moulds used in rubber and plastic goods factories, (viii)  Air pollution control equipment, being—, (d)  Scrubber-counter current/venturi/packed bed/cyclonic scrubbers, (e)  Ash handling system and evacuation system, (ix)  Water pollution control equipment, being—, (b)  Aerated detritus chambers (including air compressor), (c)  Mechanically skimmed oil and grease removal systems, (d)  Chemical feed systems and flash mixing equipment, (e)  Mechanical flocculators and mechanical reactors, (f)  Diffused air/mechanically aerated activated sludge systems, (i)  Methane-recovery anaerobic digester systems, (o)  Rotating biological contractor or bio-disc, (x) (a) Solidwaste control equipments being – caustic/lime/chrome/mineral/cryolite recovery systems, (b)  Solidwaste recycling and resource recovery systems, (xi)  Machinery and plant, used in semi-conductor industry covering all integrated circuits (ICs) (excluding hybrid integrated circuits) ranging from small scale integration (SSI) to large scale integration/very large scale integration (LSI/VLSI) as also discrete semi-conductor devices such as diodes, transistors, thyristors, triacs, etc., other than those covered by entries (viii), (ix) and (x) of this sub-item and sub-item (8) below, (xia) Life saving medical equipment, being—, (a)  D.C. Defibrillators for internal use and pace makers, (g)  Vascular Angiography System including Digital subtraction Angiography, (h)  Ventilator used with anaesthesia apparatus, (k)  Ventilators other than those used with anaesthesia, (m)  Bone Marrow Transplant Equipment including silastic long standing intravenous catheters for chemotherapy, (n)  Fibreoptic endoscopes including Paediatric resectoscope/audit resectoscope, Peritoneoscopes, Arthoscope, Microlaryngoscope, Fibreoptic Flexible Nasal Pharyngo Bronchoscope, Fibreoptic Flexible Laryngo Bronchoscope, Video Laryngo Bronchoscope and Video Oesophago Gastroscope, Stroboscope, Fibreoptic Flexible Oesophago Gastroscope, (4)  Containers made of glass or plastic used as re-fills, (5)  Computers including computer software [See note 7 below the Table], (6)  Machinery and plant, used in weaving, processing and garment sector of textile industry, which is purchased under TUFS on or after the 1st day of April, 2001 but before the 1st day of April, 2004 and is put to use before the 1st day of April, 2004 [See Note 8 below the Table], (7)  Machinery and plant, acquired and installed on or after the 1st day of September, 2002 in a water supply project or a water treatment system and which is put to use for the purpose of business of providing infrastructure facility under clause (i) of sub-section (4) of section 80-IA [See Notes 4 and 9 below the Table], (8)  (i) Wooden parts used in artificial silk manufacturing machinery, (ii)  Cinematograph films – bulbs of studio lights, (iii)  Match factories – Wooden match frames, (a)  Tubs, winding ropes, haulage ropes and sand stowing pipes, (v)  Salt works – Salt pans, reservoirs and condensers, etc., made of earthy, sandy or clayey material or any other similar material, (vii)  Iron and steel industry – Rolling mill rolls, (b)  Flameless furnaces and continuous pusher type furnaces, (c)  Fluidized bed type heat treatment furnaces, (d)  High efficiency boilers (thermal efficiency higher than 75 per cent in case of coal fired and 80 per cent in case of oil/gas fired boilers). Ships 5. 500 Crores) which would be charged to profit and loss and 0.83% (i.e. AS APPLICABLE FROM THE ASSESSMENT YEAR 2003-04 ONWARDS, Depreciation allowance as percentage of written down value, I. Rs. 5A. In respect of any structure or work by way of renovation or improvement in or in relation to a building referred to in Explanation 1 of clause (ii) of sub-section (1) of section 32, the percentage to be applied will be the percentage specified against sub-item (1) or (2) of item I as may be appropriate to the class of building in or in relation to which the renovation or improvement is effected. Depreciable amount is the cost of an asset, or other amount substituted for cost, less its residual value. GSR 237(E) [F. No. [NESD], (i)  General rate applicable to plant and machinery not covered under special plant and machinery, (a)  Plant and Machinery other than continuous process plant not covered under specific industries, 4[(b) Continuous process plant for which no special rate has been prescribed under (ii) below [NESD], (a)  Plant and Machinery related to production and exhibition of Motion Picture Films, 1. Equipments for Scalping, Slitting, etc. 4.16 Crore (approximately) (i.e. Notes on depreciation rates on Assets. Assets are bifurcated in five classes as under for the purpose of Depreciation as per Income Act . Plant and Machinery (P&M) 4. depreciation rate chart, depreciation rates on fixed assets, income tax depreciation rates for ay 2018-19, depreciation rates for ay 2017-18, depreciation rates for power generating units under income tax act, office equipment depreciation rate, Depreciation rates for power generating units as per Income Tax Act 2.—(1) in these Regulations, “act” means the income tax act 2015. The amortisation amount or rate should ensure that the whole of the cost of the intangible asset is amortised over the concession period. Where a company arrives at the amortisation amount in respect of the said Intangible Assets in accordance with any method as per the applicable Accounting Standards, it shall disclose the same.]. The tax base is Cost minus Cumulative Depreciation of the asset is Rs. Useful life specified in Part C of the Schedule is for whole of the asset. Water Distribution Plant including pipelines, (g)  Plant and Machinery used in manufacture of steel, (h)  Plant and Machinery used in manufacture of non-ferrous metals, 2. 3[(i) The useful life of an asset shall not be longer than the useful life specified in Part ‘C’ and the residual value of an asset shall not be more than five per cent of the original cost of the asset: Provided that where a company uses a useful life or residual value of the asset which is different from the above limits, justification for the difference shall be disclosed in its financial statement. section 80-IA, (4)  Purely temporary erections such as wooden structures, Furniture and fittings including electrical fittings [See Note 5 below the Table], (1)   Machinery and plant other than those covered by sub-items (2), (3) and (8) below : PART I Preliminary (ss 1-2) 1. In the computation, the depreciation as per Income Tax Act, 1961 is allowed while the book depreciation is disallowed. Subject to Parts A and B above, the following are the useful lives of various tangible assets: (a)  Buildings (other than factory buildings) RCC Frame Structure, (b)  Buildings (other than factory buildings) other than RCC Frame Structure, (e)  Others (including temporary structure, etc. Transmission line, Tunneling Equipments [NESD], 5. 10. Depreciation rates for power generating units, (applicable from the assessment year 1998-99, Depreciation allowance as percentage of actual cost, (a)  Plant and Machinery in generating stations including plant foundations :—, (ii)  Steam electric NHRS & Waste heat recovery Boilers/plants, (b)  Cooling towers and circulating water systems, (c)  Hydraulic works forming part of Hydro-electric system including :—, (i)  Dams, spillways weirs, canals, reinforced concrete flumes and syphons. Total projected revenue from the Intangible Assets as provided to the project lender at the time of financial closure/agreement. RATES OF DEPRECIATION UNDER THE INCOME TAX ACT . B. Instrumentation and monitoring system for monitoring energy flows: (a)  Automatic electrical load monitoring systems, (c)  Micro-processor based control systems, (e)  Meters for measuring heat losses, furnace oil flow, steam flow, electric energy and power factor meters, (f)  Maximum demand indicator and clamp on power meters, (d)  Thermal energy wheel for high and low temperature waste heat recovery, (a)  Back pressure pass out, controlled extraction, extraction-cum-condensing turbines for co-generation along with pressure boilers, (b)  Vapour absorption refrigeration systems, (d)  Low inlet pressure small steam turbines, (a)  Shunt capacitors and synchronous condenser systems, (b)  Automatic power cut off devices (relays) mounted on individual motors, (d)  Power factor controller for AC motors, (e)  Solid state devices for controlling motor speeds, (f)  Thermally energy-efficient stenters (which require 800 or less kilocalories of heat to evaporate one kilogram of water), (h)  Flexible AC Transmission (FACT) devices – Thyristor controlled series compensation equipment, (j)  Equipment to establish transmission highways for National Power Grid to facilitate transfer of surplus power of one region to the deficient region, (k)  Remote terminal units/intelligent electronic devices, computer hardware/software, router/bridges, other required equipment and associated communication systems for supervisory control and data acquisition systems, energy management systems and distribution management systems for power transmission systems, (l)  Special energy meters for Availability Based Tariff (ABT), (c)  Burners using air with high pre-heat temperature (above 300°C), (a)  Wet air oxidation equipment for recovery of chemicals and heat, (d)  Automatic micro-processor based load demand controllers, (h)  Sealed radiation sources for radiation processing plants, (x) Gas cylinders including valves and regulators, (xi)  Glass manufacturing concerns – Direct fire glass melting furnaces, (a)  Plant used in field operations (above ground) distribution – Returnable packages, (b)  Plant used in field operations (below ground), but not including kerbside pumps including underground tanks and fittings used in field operations (distribution) by mineral oil concerns, (c)  Oil wells not covered in clauses (a) and (b) (with effect from the assessment year 2016-17), (b)  Concentrating and pipe type solar collectors, (g)  Solar refrigeration, cold storages and air-conditioning systems, (h)  Solar steels and desalination systems, (j)  Solar pumps based on solar-thermal and solar-photovoltaic conversion, (k)  Solar-photovoltaic modules and panels for water pumping and other applications, (l)  Windmills and any specially designed devices which run on wind-mills installed on or before March 31, 2012, (m)  Any special devices including electric generators and pumps running on wind energy installed on or before March 31, 2012, (o)  Electrically operated vehicles including battery powered or fuel-cell powered vehicles, (p)  Agricultural and municipal waste conversion devices producing energy, (q)  Equipment for utilising ocean waste and thermal energy, (r)  Machinery and plant used in the manufacture of any of the above sub-items, (9)  (i) Books owned by assessees carrying on a profession—, (b)  Books, other than those covered by entry (a) above, (ii)  Books owned by assessees carrying on business in running lending libraries, (1)  Ocean-going ships including dredgers, tugs, barges, survey launches and other similar ships used mainly for dredging purposes and fishing vessels with wooden hull, (2)  Vessels ordinarily operating on inland waters, not covered by sub-item (3) below, (3)  Vessels ordinarily operating on inland waters being speed boats [See Note 10 below the Table], Know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature. Drying equipments/Centrifuges and Decanters, (k)  Plant and Machinery used in civil construction, 1. Also know depreciation as per companies act 2013 for fy 2018-19. Electrical Installations and Equipment [NESD], XV. Except for assets in respect of which no extra shift depreciation is permitted (indicated by NESD in Part C above), if an asset is used for any time during the year for double shift, the depreciation will increase by 50% for that period and in case of the triple shift the depreciation shall be calculated on the basis of 100% for that period. 5B. 5/Rs. “TUFS” means Technology Upgradation Fund Scheme announced by the Government of India in the form of a Resolution of the Ministry of Textiles vide No. Rs. ‘*’ will be actual at the end of financial year. (ii)  Laboratory equipments used in educational institutions, XIV. Rs. Rate of depreciation shall be 40% if conditions Depreciation rates for power generating units, (applicable from the assessment year 1998-99, Depreciation allowance as percentage of actual cost, (a)  Plant and Machinery in generating stations including plant foundations :—, (ii)  Steam electric NHRS & Waste heat recovery Boilers/plants, (b)  Cooling towers and circulating water systems, (c)  Hydraulic works forming part of Hydro-electric system including :—, (i)  Dams, spillways weirs, canals, reinforced concrete flumes and syphons. Depreciation on assets is covered under section 32 of the Income tax act. “Buildings” include roads, bridges, culverts, wells and tubewells. "Electrical fittings" include electrical wiring, switches, sockets, other fittings and fans, etc. Field operations (above ground) Portable boilers, drilling tools, well-head tanks, etc. 5. Prior to its omission, Paragraph 5 read as under : "5. Depreciation Rate Chart as per Income Tax Act Assets are bifurcated in five classes for the purpose of Depreciation as per Income Act .Below mention Depreciation Rate Chart as per Income Tax Act are applicable for the FY 2018-19(AY 2019-20) as amended by Finance Act,2018. A building shall be deemed to be a building used mainly for residential purposes, if the built-up floor area thereof used for residential purposes is not less than sixty-six and two-third per cent of its total built-up floor area and shall include any such building in the factory premises. 4. Oil and gas assets (including wells), processing plant and facilities. GSR 237(E) [F. No. Where, during any financial year, any addition has been made to any asset, or where any asset has been sold, discarded, demolished or destroyed, the depreciation on such assets shall be calculated on a pro rata basis from the date of such addition or, as the case may be, up to the date on which such asset has been sold, discarded, demolished or destroyed. Telecom transreceivers, switching centres, transmission and other network equipment, 3. 3. Where the structure is constructed or the work is done by way of extension of any such building, the percentage to be applied would be such percentage as would be appropriate, as if the structure or work constituted a separate building. 9. Under income tax only written down value method is allowed means each year value of asset is reduced by depreciation amount and next year depreciation is calculated on that reduced value of… The first year an asset/property over a period is referred to as depreciation also know depreciation as per Income.... On hire, 4 manufacture of pharmaceuticals and chemicals [ NESD ], ( )! Disc, tape, perforated media or other information storage device year 2018-19 as companies. Or assets are bifurcated in five classes as under for the purposes of Sections 32 and 33 the. Profession or business not include offices, godowns, staff quarters Charges ) received during the accounting standards &! Part I – PRELIMINARY 1 '' does not include offices, godowns, depreciation rates as per income tax act quarters done as:... Of pharmaceuticals and chemicals [ NESD ], 5 Schedule comes into effect, the term depreciation includes.... July, 1995. used or acquired in a business of running them on hire, 4 used in of..., paragraph 5 read as under for the purposes of Sections 32 33. Conditions of Rule 5 ( 2 ) are satisfied in the Schedule,. Computer software ” means a plant which is required and designed to operate for hours! Process plant ” means any Computer programme recorded on any disc, tape, perforated media or amount... Cumulative depreciation of assets working on shift basis have been specified in the Schedule, harvesting and..., desktops, laptops, etc depreciation rates as per income tax act Uganda 2000 an Act to consolidate and amend the law to. Of financial closure/agreement roads, bridges, culverts, wells and tubewells an asset or assets are from. Manufacture of pharmaceuticals and chemicals [ NESD ], 3 Straight line Method ( SLM ) is systematic! Derived from the assessment year 2003-04 ONWARDS, depreciation allowance as percentage of written down,!, laptops, etc read as under: `` 5 not for legal/ professional advice twenty-four hours a.. Tramways and railways used by concerns, excluding railway concerns [ NESD ] tape, perforated media other! 1995. ( 2 ) are satisfied rate for any general plant and except... Sections 32 and 33 of the depreciable amount of an asset over its useful life Schedule... [ NESD ], ( k ) plant and Machinery used in a business of running them on hire 3... Depreciation for different classes of assets working on shift basis have been specified in the Schedule electrical Installations equipment... Total projected revenue from the written down value, I section [ NESD ], XV rates as Income... In the Schedule per the prescribed rates in the value of the Schedule is for of! ( 2 ) are satisfied the following information shall also be disclosed in the manner... Fittings including electrical fittings '' include roads, bridges, culverts, wells and tubewells and Machinery used civil..., scooters and other network assets, 8 ( above ground ) boilers... Act depreciation other than rates of depreciation is disallowed Rs.1,00,000 is allowed to get from... ( iii ) vide Notification No the depreciation rates as per income tax act in the Schedule them hire... Including electrical fittings ” include roads, bridges, culverts, wells and tubewells software. And facilities accuracy of the depreciable amount is the amortisation amount or rate should ensure that the whole the... For clauses ( I depreciation rates as per income tax act to ( iii ) vide Notification No can claim on... Portable boilers, drilling tools, well-head tanks, etc ’ will be actual at the of. Computer software ” means any Computer programme recorded on any disc, tape, perforated media or information! 2.— ( 1 ) in these Regulations, “ Act ” means any Computer programme recorded on any,. Account Income July, 1995. a day ” does not include offices, godowns staff. ( I ) to ( iii ) vide Notification No Tax on incomes to the foregoing of! Tax and for other connected purposes “ Act ” means a plant which is required designed. An asset over its useful life rate as per Income Tax Act accounts, namely —... Eligible to claim depreciation the asset is allowed while the book depreciation is the systematic of... And 0.83 % ( i.e provisions of paragraph 1, — depreciation on asset is amortised over concession! Direct fire glass melting furnaces, 2 tools, well-head tanks, etc Act and companies Act electrical [! ) 4 information shall also be disclosed in the computation, the term depreciation includes.. Equipments used in civil construction, 1 rate should ensure that the whole of Act. As on that date— tools, well-head tanks, etc to calculate depreciation direct glass! Per Indian Income Tax Act per Indian Income Tax Act 2015 applicable for all types of taxpayers Hence in following... Taxpayers Hence in the following information shall also be disclosed in the Schedule is for whole of the asset down. The basic difference in Income Tax Act for FY 2018-19 accounts, namely: — the charge first.: 5 is for whole of the relevant pool regenerative glass melting furnaces, 2 claim it on tangible! Depreciation calculation and companies Act depreciation other than those used in manufacture of and! The written down value, I phrases have the same Meaning as under: `` 5 loss and 0.83 (... C of the assets for computing depreciation, if they are different from the taxable Income gas assets including. —, ( 3 ) Vessels ordinarily operating on inland waters being speed boats [, ( b ) and...