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Depreciation

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(Querist)
02 March 2013 Please tell me the rate of depreciation on locomotive according to income tax act.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
03 March 2013 Locomotives are treated as Plant and depreciation @ 15% can be provided.

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Please follow the link to read an interesting case law-

law.incometaxindia.gov.in/dittaxmann/incometaxacts/2008itact/%5B2003%5D133Taxman0337(Cal).htm
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