Good post…. Depreciation Rates as per Income Tax for FY 2020-21 / AY 2021-22. “Buildings” include roads, bridges, culverts, wells and tubewells. Article contains Income Tax Slab Rates for Financial Year 2019-20 / Assessment Year 2020-21 for Individuals (resident or non-resident), Senior Citizens (60 years old or more but less than 80 years old) (only Residents) and Super Senior Citizens (80 years old or more) (only Residents) with Rates of Applicable Surcharge and Education Cess Rate. 10. Calculate Income tax on salary for the year fy 20-21 after reducing the arrears pertaining to fy 17-18,18-19 & 19-20 for the fy 2020-21 Say the income tax is B 3. Computers, Laptops, computer software, Printer, Scanner, UPS and other peripheral devices, Books owned by assessee, carrying on profession being annual publications, Books owned by assessee, carrying on profession not being annual publications, Books owned by assessee, carrying on business in running lending libraries, Know how, patents, copyright, trademark, license, franchise or any other business or commercial rights of similar nature, Buildings which are used mainly for residential purposes except hotels and boarding houses, Buildings other than those used mainly for residential purposes and not covered by sub-items (1) above and (3) below, Buildings acquired on or after the 1st day of September, 2002 for installing machinery and plant forming part of water supply project or water treatment system and which is put to use for the purpose of business of providing infrastructure facilities under clause (i) of subsection (4) of section 80-IA, Furniture and fittings including electrical fittings, Machinery and plant other than those covered by sub-items (2), (3) and (8) below, Motor cars, other than those used in a business of running them on hire, acquired or put to use on or after the 1st day of April, 1990, (ii) Motor buses, motor lorries and motor taxis used in a business of running them on hire, (iii) Commercial vehicle which is acquired by the assessee on or after the 1st day of October, 1998, but before the 1st day of April, 1999 and is put to use for any period before the 1st day of April, 1999 for the purposes of, (iv) New commercial vehicle which is acquired on or after the 1st day of October, 1998, but before the 1st day of April, 1999 in replacement of condemned vehicle of over 15 years of age and is put to use for any period before the 1st day of April, 1999 for the purposes of business or profession in accordance with the third proviso to clause (ii) of sub-section (1) of section 32, (v) New commercial vehicle which is acquired on or after the 1st day of April, 1999 but before the 1st day of April, 2000 in replacement of condemned vehicle of over 15 years of age and is put to use before the 1st day of April, 2000 for the purposes of business or profession in accordance with the second proviso to clause (ii) of, (vi) New commercial vehicle which is acquired on or after the 1st day of April, 2001 but before the 1st day of April, 2002 and is put to use before the 1st day of April, 2002 for the purposes of business or profession, (vii) Moulds used in rubber and plastic goods factories, (viii) Air pollution control equipment, being –   Electrostatic precipitation systems Felt-filter systems Dust collector systems Scrubber-counter current / venturi/ packedbed / cyclonic scrubbers Ash handling system and evacuation system, (ix) Water pollution control equipment, being -(a) Mechanical screen systems, (x) (a) Solidwaste, control equipments being, – caustic/lime/chrome/ mineral/cryolite recovery system. Depreciation rates as per income tax act for the financial years 2019-20 & 2020-21 are given below. Free up to 10 invoices per month. Net Income Range Rate of Income-tax Assessment Year 2021-22 Assessment Year 2020-21 Up to Rs. Krishna Murthy. Start a discussion Unanswered. “Electrical fittings” include electrical wiring, switches, sockets, other fittings and fans, etc. Article contains Income Tax Slab Rates for Financial Year 2019-20 / Assessment Year 2020-21 for Individuals (resident or non-resident), Senior Citizens (60 years old or more but less than 80 years old) (only Residents) and Super Senior Citizens (80 years old or more) (only Residents) with Rates of Applicable Surcharge and Education Cess Rate. 7. “Speed boat” means a motor boat driven by a high speed internal combustion engine capable of propelling the boat at a speed exceeding 24 kilometres per hour in still water and so designed that when running at a speed, it will plane, i.e., its bow will rise from the water.’, Manage your practice efficiently. 5% tax on above 3 lacs but not on 2,50,000. 5,00,000 to Rs. (o) Laparoscope (single incision ), Containers made of glass or plastic used as re-fills, Machinery and plant, used in weaving, processing and garment sector of textile industry, which is purchased under TUFS on or after the 1st day of April, 2001 but before the 1st day of April, 2004 and is put to use before the 1st day of April, 2004, Machinery and plant, acquired and installed on or after the 1st day of September, 2002 in a water supply project or a water treatment system and which is put to use for the purpose of business of providing infrastructure facility under clause (i) of sub-section (4) of section 80-IA, (i) Wooden parts used in artificial silk manufacturing machinery, (ii) Cinematograph films – bulbs of studio lights, (iii) Match factories – Wooden match frames, (iv) Mines and quarries:(a) Tubs, winding ropes, haulage ropes and sand stowing pipes, (v) Salt works – Salt pans, reservoirs and condensers, etc., made of earthy, sandy or clayey material or any other similar material, (vii) Iron and steel industry – Rolling mill rolls, (ix) Energy saving devices, being-A. 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