Depreciation for oil wells amended to a specified written-down-value rate under Income-tax Rules, effective thereafter. The Income-tax (4th Amendment) Rules, 2016 insert a new sub-item (c) in APPENDIX I, PART A (Tangible Assets), III. Machinery and Plant, item (8)(xii) for Mineral oil concerns, specifying a depreciation allowance as a percentage of written down value for oil wells not covered by existing clauses (a) and (b); the change is effected under section 295 read with section 32 of the Income-tax Act by Notification No. 13/2016.