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Depreciation in India
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DEPRECIATION RATES in India
A.Y:2008-09 Depriciation rates as per Income Tax Act.
- 005% on Buildings (residential)
- 010% on Buildings (Office, factory etc.,)
- 100% on Buildings (temporary etc.,)
- 010% on Furniture, fittings & electrical fittings)
- 015% on Plant & Machinery, motor cars etc.,
- 020% on Ships, vessels etc.,
- 030% on Vehicles on hire, moulds etc.,
- 040% on Aeroplanes, life saving equipments etc.,
- 050% on Glass or plastic containers etc.,
- 060% on Computers, software, books etc.,
- 080% on Energy saving devices etc.,
- 100% on Annual publications etc.,
- 025% on Intangible assets:
DEPRECIATION for companies in India
In case of companies, the calculations of depreciation are available under three different sections i.e. Section 350 and section 205 (2)(b) of the Companies Act and Section 32 of the Income Tax Act, simultaneously.
In case of Section 350 of the Companies Act, calculations are done under Written down Value Method or Straight Line Method according to the rates specified in Schedule XIV, depending on the choice of the user.
Overview of the articles
- Taxation in India
- Income tax in India
- Permanent account number for Income tax in India
- Income tax in India for Individuals
- Income tax in India for Partnership Firms
- Income tax in India for Corporates
- Income tax in India for Hindu Undivided Families _ HUFs
- TDS Tax Deducted at Source Indian Income Tax
- My eTax Profile.
- Capital Account
- Depreciation
- Depreciation in India
- Advance Income tax in India
- Guide to filing tax returns
- Income Tax FAQs
- Income tax in India
- Accounting using eDeskOnline
- Prepare for your Taxation on eDeskOnline
References
- What is the Rate of Depreciation on various assets
- What is the Rate of Depreciation on various assets as per the Companies Act
