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of <h1>New Depreciation Rates for Machinery and Plant: Income Tax Act, 1961 Update with 10% General Rate.</h1> The circular from May 12, 1972, outlines instructions regarding the application of depreciation rates under the Income Tax Act, 1961. It clarifies the use of a new depreciation table effective from the 1970-71 assessment year, replacing the previous table. Depreciation rates are categorized into general, special for specified concerns, and special for certain machinery and plants. Income-tax officers are guided on applying these rates based on specific conditions. The revised table under the I.T. (Sixth Amendment) Rules, 1969, introduces a general rate of 10% for machinery and plant without specified special rates. These instructions are to be communicated to all relevant officers.
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