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of <h1>Depreciation Rates and Conditions for Assets Under Section 32 and Rule 5 of the Income Tax Act</h1> The rates and conditions under which depreciation is allowed on capital assets for tax purposes, as per Section 32 and Rule 5 of the Income Tax Act. Depreciation is a non-expenditure allowance on both tangible and intangible assets used for business or professional purposes, and it is mandatory from the assessment year 2002-03. The document lists the rates of depreciation for various asset categories, including buildings, machinery, vehicles, ships, and intangible assets, with specific rates and conditions for each. There are two methods of calculating depreciation: the Straight Line Method for power generating units and the Written Down Value method for other assets.
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