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| *Ostroff, Fair and Company>>>India Taxes |
What is rate of depreciation for wind mill under income- tax act? |
generally 80 Generally 80% rate of depreciation under the indian income tax act, but somebody saying that addtional 20 5 may be claimed under special categeries.PLEASE clarify it In your case , it amy not be possible. Whoever has mentioned what you have written is correct to some exetent because there is a provision of additional depreciation under section 32 of the I T Act which is reproduced below (Your case may not fall under this!) Section 32 (iia) in the case of any new machinery or plant (other than ships and aircraft), which has been acquired and installed after the 31st day of March, 2005, by an assessee engaged in the business of manufacture or production of any article or thing, a further sum equal to twenty per cent of the actual cost of such machinery or plant shall be allowed as deduction under clause (ii) : Provided that no deduction shall be allowed in respect of- (A) any machinery or plant which, before its installation by the assessee, was used either within or outside India by any other person; or (B) any machinery or plant installed in any office premises or any residential accommodation, including accommodation in the nature of a guest-house; or (C) any office appliances or road transport vehicles; or (D) any machinery or plant, the whole of the actual cost of which is allowed as a deduction (whether by way of depreciation or otherwise) in computing the income chargeable under the head 鈥淧rofits and gains of business or profession鈥?of any one previous year; See if all the conditiones are fulfilled by you . |
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