X

Amendment in Income Tax Rules Related to Depreciation on Fixed Assets

Notification No. 43/2014-Income Tax 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.

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

NOTIFICATION NO. 43/2014

New Delhi Dated-16th September, 2014

INCOME-TAX

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.

[F.No.152/1/2013-TPL]

RAJESH KUMAR BHOOT, Director (TPL)

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.

Categories: Income Tax

View Comments (9)

  • 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.

  • 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.

  • NSG SIR,
    IS YOUR COMMENT RELATED TO THIS ARTICLE? I THINK YOU ARE AFRAID FROM MANDEEP SINGH AND BSK RAO' RTI? YOU COULD NOT SLEEP VERY WELL FROM THEM IS'T IT?

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

1 2
X

Headline

Privacy Settings