Depreciation rate on plant & machinery as per income tax act 1961

Question

Accepted Answer

The depreciation rate on plant & machinery as per income tax act 1961 is 15% to 30% depending on the type of asset.

Depreciation rate for plant and machinery is determined by the type of asset.
The rate ranges from 15% to 30% as per the Income Tax Act 1961.
Assets like electric generators, computers, and air conditioning units have a higher depreciation rate.
Assets like furniture and fittings have a lower depreciation rate.
Depreciation rate can also be claimed on the residual value of the asset.
Depreciation rate can be calculated using the straight-line method or the written down value method.

Depreciation rate on plant &amp; machinery as per income tax act 1961