Financial Daily from THE HINDU group of publications
Thursday, Mar 03, 2005
Financial Daily from THE HINDU group of publications Thursday, Mar 03, 2005 |
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Corporate
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Taxation Cut in depreciation rates on certain block of assets Our Bureau
New Delhi , March 2 THE Finance Ministry on Wednesday announced reduction in depreciation rates on a host of items for income-tax purposes. The rate of depreciation on plant and machinery has been reduced from 25 per cent to 15 per cent, furniture and fittings from 15 per cent to 10 per cent, motor cars (not used in a business of running them on hire) from 20 per cent to 15per cent, motor buses and motor lorries and motor taxis used in a business of running them on hire from 40 per cent to 30per cent. Further, the depreciation on moulds used in rubber and plastic goods factories has been reduced from 40 per cent to 30 per cent, machinery and plant used in semi-conductor industry from 40 per cent to 30 per cent, gas cylinders including valves and regulators from 80 per cent to 60 per cent, direct fire glass melting furnaces from 80 per cent to 60 per cent, plant used in mineral oil concerns from 80 per cent to 60 per cent and ships from 25 per cent to 20 per cent.
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