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Rate of Depreciation as per Income Tax Act:

Income tax Expert by Income tax Expert
September 5, 2019 - Updated on October 10, 2019
in Income Tax News
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Rate of Depreciation as per Income Tax Act:
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Depreciation rate used for section 32 of the Income Tax act is as follows:

Depreciation in Income tax is to be charged as per section 32 at the Written Down Value (i.e. WDV) of the block of asset. In income tax Block of asset concept is followed and depreciation is charged on WDV of entire block and not single asset. Do remember that depreciation will only be charged if the asset is used for business purpose or in some cases renting business other than Income from house property.

Now let’s see which are different block in Income tax and what are it’s rate of depreciation. After a recent notification in 2016 the maximum rate of depreciation in Income tax was restricted to 40%.

Link to download the notification:

//www.incometaxindia.gov.in/communications/notification/notification103_2016.pdf

 

The below mentioned chart is a small representation of major items which are commonly used by people for more specific list your can go to: //www.incometaxindia.gov.in/Pages/rules/income-tax-rules-1962.aspx

and search :” Rule-New App I”

 

(The heading in bold are the main block of asset)

Block of Asset Rate of Depreciation
Building
Building used for residential purpose 5%
Buildings used for other than residential purpose 10%
Temporary structure such as wooden structure 40%
Furniture and fitting
It includes electrical wiring, switches, sockets, other fittings and fans, etc. 10%
Machinery and Plant
Motor cars other than those used in the business of running them on hire 15%
Motor cars used in the business of running them on hire 30%
Aeroplanes 40%
Air pollution control equipment 40%
Water pollution control equipment 40%
Moulds used in rubber and plastic good factories 40%
Computer including computer software 40%
Other machinery not covered above 15%
Books owned by person in profession or person carrying on business of lending books i.e. libraries 40%
Ships 20%
Intangible Asset
Know-how, patent, copyright, trademark, franchise, license or other commercial right of similar nature 25%

If you need assistance you can ask a question to our expert and get the answer within an hour or post a comment about your views on the post.

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