Depreciation allowances for specified asset classes are fixed through a detailed schedule of rates under the income-tax rules.

Prescribes the depreciation allowances admissible on specified classes of assets under the income-tax rules by linking each asset category to a percentage of actual cost. The schedule classifies plant and machinery used in generating stations, cooling towers, hydraulic works, buildings, transformers, switchgear, lightning arrestors, batteries, cables, overhead lines, meters, vehicles, air-conditioning plants, office furniture and fittings, office equipment, internal wiring, street light fittings, apparatus let on hire, and communication equipment, with separate rates fixed for each sub-class.

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