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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income-tax Act Section 33 Amended: New Depreciation Rates for Machinery Effective April 1, 1965, by Finance Act 1965.</h1> Section 33 of the Income-tax Act has been amended by the Finance (No. 2) Act, 1965. In clause (iii) of sub-section (1), the year '1966' is replaced with '1965,' effective from April 1, 1965. For sub-clause (c), a new provision is introduced, effective from the same date, specifying depreciation rates for machinery or plant installed after March 31, 1965. For construction, manufacture, or production businesses, the rate is 35% if installed before April 1, 1970, and 25% thereafter. For other businesses, the rate is 20% if installed before April 1, 1970, and 15% thereafter.
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