Income-tax (Sixth Amendment) Rules, 2005 - 067/2005 - Income Tax

Depreciation rates revised to a comprehensive asset class schedule affecting buildings, machinery, pollution control and intangible assets.

Substitution of Appendix I prescribes a detailed schedule of depreciation allowance rates on written down value for defined blocks of assets. It classifies assets into tangible and intangible categories with specified percentage rates for buildings, furniture and fittings, diverse machinery and plant (including pollution control, energy saving and medical equipment), ships and specified intangible assets. The schedule provides enhanced or special rates for assets used in infrastructure water projects, certain replacement vehicles, industry specific acquisitions and renewables, and includes notes clarifying scope, residential building criteria, definitions and qualifying procurement schemes.