Rates of Depreciation as Per Income Tax Act, 1961

• November 15, 2020
• CA Chandan Agarwal's Office

Article provides Rates of Depreciation as per Income Tax Act, 1961 on Building, Plant & Machinery, Furniture & Fittings, Ships & on Intangibles Assets i.e.  Know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature for Financial Year 2002-03 to 2019-20 and onwards

Block of Assets – The expressions Assets and Blocks of Assets w.e.f. 1-4-1999 shall mean a group of assets falling within a class of assets comprising:–

a. Tangible Assets being buildings, machinery, plant or furniture;

b. 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.

Read more on: https://taxguru.in/income-tax/rates-of-depreciation-as-per-income-tax-act-for-a-y-2010-11.html