New Delhi Dated-16th September, 2014


S.O. 2399(E).—In exercise of the powers conferred by Section 295 read with Section 32 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—

1. (1) These rules may be called the Income-tax (8th Amendment) Rules, 2014.

    (2) They shall come into force on the date of their publication in the Official Gazette.

2.  In the Income-tax Rules, 1962, in the New Appendix I, in Part-A relating to Tangible Assets, under the heading III. Machinery and Plant, in item (8), in sub-item (xiii), –

(a) In clause (l), for the words, figures and letters “installed on or before 31st day of March, 2012”, the words, figures and letters “ installed on or after the 1st day of April, 2014” shall be substituted; and

(b) In clause (m), for the words, figures and letters “installed on or before 31st day of March, 2012”, the words, figures and letters “installed on or after 1st day of April, 2014” shall be substituted.



Note: The principal rules were published in the Gazette of India vide notification number S.O. 969(E), dated the 26th March, 1962 and last amended vide notification number S.O. 1902(E), dated the 25th July, 2014.

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0 responses to “Amendment in Income Tax Rules Related to Depreciation on Fixed Assets”

  1. Jaya Chaubey says:

    Is there any change in rate of depreciation for furniture during the fy 13-14 and 14-15?

  2. MUKAMBIKA.K says:

    NSG SIR,

  3. Manish Satyani says:

    plz make me updates of the posts being uploaded

  4. KC says:

    And about the “logical” question from Mr Singh. In most of the cases, if the accounts are already audited under any other act, there is no need for separate audit. A certificate in this regard will suffice. Hope that you already knew about such a provision.

  5. KC says:

    I dont understand why Mr Rao and Mr Singh is making a fuss about representation by ICAI members. Most of the representation made to authorities are based on accounting aspects and less on legal aspects. And the question of law is decided by HC and SC in which only Advocates are allowed to represent.

    Also, matters before ITAT involves both question of facts and question of law. And in case of question of law, an accounting firm usually obtains legal opinion and aspects related to accounting, a law firm takes opinion from a CA. Even some big law firms employs CAs. For income tax practice both professionals are required and there is no question of over lapping or getting into other areas etc.

    CAs respect all reputed tax lawyers and vice versa. Instead of simply arguing each profession should build skills and reputation in their own income tax practice areas.

  6. Nimesh says:

    Not to get involved in the discussions with Mr. BSK Rao and Mr. Mandeep. But in almost all the posts I can see; they have raised a question, “Why same financial data is examined again and again under INCOME TAX, VAT & SERVICE TAX?”

    Would like to add a phrase in response to that:

    “Jack of all trades, master of none” is a figure of speech used in reference to a person that is competent with many skills, but is not necessarily outstanding in any particular one.

    Hope you can make out what it means… 🙂

  7. MANDEEP SINGH says:

    we are not against any profession as already explained, I think you are commenting without any logic. Without given Answers to my genuine questions.For your kind information in courts now ” LOK ADALATS” are organised to solve the dispute of public with mutual consent of the parties.
    On the other hand you have accepted that ” LEGAL SYSTEM is complex one. Please tell me, why Non-Advocates are allowed to give legal advice on law point? Wrong legal advice by non Advocates can be cause of inconvenience” to the assessees. In recent case before INCOME TAX TRIBUNAL is a example for it.
    Instead of complicated legal system party can represent himself “In Person” before courts. WHY ON OTHER HAND ASSESSEES ARE NOT PERMITTED TO CERTIFY THERE OWN FINANCIAL DATA HIMSELF?

    Dear NSG sir, you don’t have any logic-able answer to my genuine questions. You didn’t answer my previous question, why same financial data examined again and again under INCOME TAX,VAT & SERVICE TAX etc separately under each act. Whether it is not extra financial burden on assessees ?

  8. sibaprasad dash says:

    It is rightly said by u that Mr.BSK RAO is dreaming sec-44AB, So ICAI should Active ,,……..

  9. NSG says:

    Mr.BSK RAO…….

    Are you threatening other professionals in the name of information obtained under RTI? Instead of BARKING in the TAX GURU, go and take action under the Income Tax Act or any other law for the time being in force against the defaulting members. Instead of opting legal measures, are you are trying to threaten the entire Chartered Accountant fraternity? MR.BSK RAO, some people failed in CA course because of their inefficiency and bad state of mind. As a matter of good spirit, such people should accept the failure. Instead of that, taking revenge against the ICAI is not a good attitude …….

    Man deep Singh may be a GOD FATHER to you and not to all. He is an RTI expert only for you like people. Other people are not obliged to follow Mr.Mandeep Singh. Our attitude towards Mandeep Singh will be subject specific. We have not appointed you to pronounce the qualities of Mandeep Singh.

    Mr.BSK RAO…….EVERY DOG HAS A DAY PROVIDED THE DOG IS NOT SELFISH, NOT BIASED AND DO NOT HAVE THE REVENGE ATTITUDE….………..OTHERWISE THE DOG ONLY BARKS……..You will not have a day unless you change dramatically. You clearly know that your actions and agitations are driven by your jealous towards chartered Accountants and your hidden business motive of obtaining the power to audit under the Income tax Act.

    IF you are not selfish and if you wish for the betterment of people, instead of dreaming section 44 AB and the fee thereof please spend some time to use your HIGH LEGAL SKILLS to find a solution to the following issues too….

    1. Speedy disposal of millions of cases pending in Indian Courts. Common man waiting even their entire life to get the verdict from the court even for a petty case.

    2. Prevention of corrupt practice by Some Advocates and Judges.

    3.For majority of Indians, Indian legal codes and justice system are too complex and very difficult to understand. Traditional method of conflict resolution in Panchayaths may be a good solution for the speedy disposal of disputes. This will save the money and time of common man

    Therefore.Mr.BSK RAO, if you have any balance time after SECTION 44AB DREAM, please consider the above issues too for our society.

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