• Breaking News

    Loading...

    Mar 31, 2012

    Income tax amend rules on depreciation

    Income tax department has amended the rules about depreciation. The amend rule is that depreciation is restricted to 15% on wind mills installed after 31 March 2012. Income tax department has issued a notification no. 15 about the amended rule about depreciation. Full notification is as under.


    Income-tax (Fourth Amendment Rules, 2012 – Depreciation restricted to 15% on wind mills installed after 31-3-2012

    Notification No. 15/2012 [F.No.149/21/2010-SO(TPL)] S.O.694(E), dated 30-3-2012

     

    In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

    1. (1) These rules may be called the Income-tax ( 4th Amendment) Rules, 2012.
    (2) They shall come into force on the 1st day of April, 2012.
    2. In the Income-tax Rules, 1962, in the Table, in the New Appendix I, in Part-A relating to Tangible Assets, under the heading “III. Machinery and Plant”, in item (8), in sub-item (xiii), -
    (a)        In clause (l), after the words, “which run on wind mills”, the words, figures and letters, “installed on or before 31st day of March, 2012”, shall be inserted ; and
    (b)        In clause (m), after the words, “running on wind energy”, the words figures and letters, “installed on or before 31st day of March, 2012”, shall be inserted.

    Sd/-
     ( J. Saravanan )
    Under Secretary (TPL-III)

    Note.-  The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section(ii), vide Notification number S.O.969(E), dated the 26th March, 1962 and last amended by Income-tax ( 3rdAmendment) Rules, 2012, vide Notification S.O. No. 626(E) dated the 28th March, 2012.
    Tags-income tax rule on depreciation,depreciation on wind mills,wind mills depreciation,income tax notification no. 15,notification no. 15 income tax

    Featured