What is the rate of depreciation for Plant & Machiney put to use in F.Y 2008-09 under Income Tax Act ?
What is the rate of depreciation for Plant & Machiney put to use in F.Y 2008-09 under Income Tax Act ?
Hi pl. check this link..
law.incometaxindia.gov.in/TaxmannDit/DispCitation/ShowCit.aspx
It is 15% according to Income Tax act 1961
date of putting asset to use is very important.
If used for more than 180 days then it charged @ 15% otherwise at 7.5%
special rates use the link given above by Deepika.
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