![]() ![]() ![]() ![]() Intangible Assets being knowhow, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature in respect of which same percentage of depreciations is prescribed. Tangible Assets being buildings, machinery, plant or furniture ī. 1-4-1999 shall mean a group of assets falling within a class of assets comprising:–Ī. Know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature for Financial Year 2002-03 onwardsīlock of Assets – The expressions Assets and Blocks of Assets w.e.f. Rates of Depreciation as Per Income Tax Act, 1961 listed here cover various tangible and intangible assets, helping taxpayers understand the allowed Rates of Depreciation as per the Income Tax Act.Īrticle provides Rates of Depreciation as per Income Tax Act, 1961 on Building, Plant & Machinery, Furniture & Fittings, Ships & on Intangibles Assets i.e. Depreciation is an essential factor in calculating taxable income for businesses and individuals owning assets. This comprehensive guide provides information on the rates of depreciation applicable for income tax purposes from the assessment year 2003-04 onwards. ![]()
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