Revised Depreciation Rates for Safety Razor Blade Manufacturing Machinery u/s 32 of Income Tax Act, 1961.

The circular addresses the depreciation rates for plant and machinery used in manufacturing safety razor blades under Section 32 of the Income Tax Act, 1961. Initially, a general depreciation rate of 7% was applied, but it has been revised to reflect specific rates: 12% for machine tools, 10% for electrical machinery, and 7% for general machinery for assessment years up to 1969-70. For the 1970-71 assessment year and onwards, depreciation rates are determined by the revised Table under the I.T. (Sixth Amendment) Rules, 1969, with a general rate of 10% for unspecified machinery and plant. The instructions should be communicated to all relevant tax officers.

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