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of <h1>Income-tax Rules Updated: New Depreciation Rates for Tangible and Intangible Assets Under Sixth Amendment Rules, 2005</h1> The Income-tax (Sixth Amendment) Rules, 2005, effective from April 2, 2005, amend the Income-tax Rules, 1962, by updating Appendix I, which details the rates of depreciation for various asset categories. The amendment specifies depreciation rates for tangible and intangible assets, including buildings, furniture, machinery, plant, ships, and various specialized equipment. It also covers specific items such as pollution control equipment, energy-saving devices, renewable energy devices, and life-saving medical equipment. The rules provide detailed classifications and conditions under which different depreciation rates apply, aiming to guide the assessment year 2006-2007.
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