Depreciation Rates Under Income Tax Act
1.Building user for business purpose ……………………………………..10%
2.General Plant & Machinery……………………………………………...15%
3.Furniture and Fittings…………………………………………………….10%
4.a) New Commercial Vehicles used for hiring,
Purchased between 1/10/98 and 31/3/99…………………………….40%
b) Commercial Vehicle…………………………………………………30%
c) New Commercial Vehicles purchased between
1/4/2001 and 31/3/2002……………………………………………...50%
d) New Commercial Vehicle which is acquired on
or after 1/1/2009 but before 1/4/2009 and is put
to use before 1/10/2009 for the purpose of business
or profession …………………………………………………………..50%
e) Cars other than those used in a business of
running them on hire………………………………………………….15%
5.Computers and Computer software………………………………………...60%
Depreciation Rates Under Income Tax Act
Information
- Quoting of the permanent account number(PAN) has been made mandatory by the I.T. Department in many instances. An assessee needs to mention his PAN in his returns.
- A person has to apply in the Form 49A to the Assessing Officer having jurisdiction to assess the applicant.
- In order to improve PAN related services, the Dept. has authorized UTI Investor Services Ltd.(UTIISL) to manage IT PAN Services Centers in all cities or towns where there is an income tax office, and National Securities Depository Limited (NSDL) to dispense PAN services.
- The main advantages of having a PAN include, convenience to locate the assessing officer, faster assessments, processing of refunds, ensuring tax compliance, credit for payment of taxes, and control over unregulated and undisclosed transactions.
- The application form should be filled in carefully and completely giving specified information, including name of the assessee, father’s name, address, date of birth, sources of income, etc.
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