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The Central Board of Direct Taxes issues the Income-tax (4th Amendment) Rules, 2016 to amend the Income-tax Rules, 1962. The rules insert a new entry for oil wells not covered in clauses (a) and (b) under mineral oil concerns within the depreciation rate table for tangible assets. The depreciation allowance for these oil wells is fifteen percent of the written down value. The rules come into force on the first day of April 2016.
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[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)]
GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 3rd March, 2016
INCOME-TAX
S.O. 650 (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:–
(2) They shall come into force on the 1st day of April 2016.
| Block of assets | Depreciation allowance as percentage of written down value |
|---|---|
| 1 | 2 |
| “(c) Oil wells not covered in clauses (a) and (b) | 15”. |
[Notification No. 13 /2016, F. No.142/33/2015-TPL]
(PITAMBAR DAS) 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. 637(E), dated the 01/03/2016.
