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Section 32 - Depreciation

Income Tax - Profit and Gains of Business or Profession - 10 - SEC - 32: DEPRECIATION In respect of - i.Tangible assets ii.Intangible assets owned WHOLLY OR PARTLY by the assessee and used for the purposes of the business or profession depreciation shall be allowed on the WDV of the block of assets at the prescribed percentage. RATES OF DEPRECIATION Class of Asset Rate(s) Building: Residential 5% General 10% Temporary Structure 100% Furniture & Fitting 10% Plant & Machinery (General) 15% .....

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otor lorries, motor vans and motor taxis used in a business of running them on hire 30% Books owned by assessees carrying on a profession- Books, being annual publications 100% Books, other than those covered by entry (a) above 60% Books owned by assessees carrying on business in running lending libraries 100% Ships 20% Aeroplanes 40% Air pollution control Equipments, Water Pollution Control Equipments 100% Computers including Computer Software 60% INTANGIBLE ASSETS 25% Normal depreciation is al .....

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