Solar Panel Depreciation Rate As Per Companies Act

Under the heading plant machinery point b vi there is no specific rate mentioned for solar power plant.

Solar panel depreciation rate as per companies act.

Now the maximum rate of depreciation is 40. These provisions are applicable from 01 04 2014 vide notification dated 27 03 2014. Solar photovoltaic panels and modules for water pumping and other applications. Wind mills and any other specially designed devices that operate on wind mills installed on or after april 1 2014 80 00.

Depreciation rates as per i t act for most commonly used assets. Hence one could claim 100 depreciation for a solar power project if the asset is in use for more than 180 days of the fiscal year. Rates has been changed for financial year 2017 18 and onwards. In this article we have compiled depreciation rates under companies act 2013 under written down value wdv method and as per straight lime method slm.

Part a tangible assets. 26 september 2014 dear all i have a query regarding the depreciation rates as per companies act 2013 as follows. Depreciation calculator for companies act 2013. Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life.

Depreciation rate solar power plant per companies act income tax goods and services tax gst service tax central excise custom wealth tax foreign exchange management fema delhi value added tax dvat sez special economic zone llp limited liability partnership firm trust society company laws dtaa notifications circulars case. Also as per section 32 1 ii a of income tax ac 1961 an additional depreciation of 20 of actual cost can be claimed if new plant and machinery is installed for purpose of manufacturing. 1 schedule ii 2 see section 123 useful lives to compute depreciation. Depreciation under companies act 2013.

237 e dated 31 03 2014 and notification no g s r. Depreciation rates as per the income tax act. The depreciable amount of an asset is the cost of an asset or other amount substituted for cost less its residual value.