https://www.taxtmi.com/article/detailed?id=15997 Section 295 gives the Board rule-making power to prescribe depreciation percentages, but the specific clause is framed around written down value and depreciable buildings, machinery, plant and furniture. The article argues that depreciation on intangible assets and on actual cost under the straight line method may fall outside that specific power. It also notes that retrospective rule-making is permitted, subject to statutory limits, and suggests a retrospective amendment to section 295 to align the rules and reduce disputes. en-us Tue, 10 Mar 2026 09:25:45 +0530 Tue, 10 Mar 2026 09:25:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=15997 Section 295 gives the Board rule-making power to prescribe depreciation percentages, but the specific clause is framed around written down value and depreciable buildings, machinery, plant and furniture. The article argues that depreciation on intangible assets and on actual cost under the straight line method may fall outside that specific power. It also notes that retrospective rule-making is permitted, subject to statutory limits, and suggests a retrospective amendment to section 295 to align the rules and reduce disputes. Articles Income Tax Tue, 10 Mar 2026 09:25:45 +0530 https://www.taxtmi.com/article/detailed?id=15997