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of <h1>New Tax Code Bill Details Depreciation Rates for Assets; Includes 100% Depreciation for Select Equipment Under Fifteenth Schedule.</h1> The Fifteenth Schedule of the Direct Taxes Code Bill, 2009, outlines the depreciation rates applicable to various asset classes for tax purposes. Depreciation is calculated on the written down value of asset blocks used in business during the financial year. The schedule specifies percentage rates for different asset categories, including buildings, furniture, vehicles, aeroplanes, ships, machinery, and intangible assets. Certain assets, such as temporary structures, pollution control equipment, and life-saving medical equipment, are eligible for 100% depreciation. Restrictions apply to assets used for less than 180 days, limiting depreciation to 50% of the prescribed rate. The schedule also defines terms related to specific asset categories.
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