Income-tax (Ninth Amendment) Rules, 1999 - S.O. 381(E) - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 10937 New Delhi, the 25th May, 1999 INCOME-TAX S.O. 381(E). -In exercise of the powers conferred by Section 295 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 (Ninth Amendment) Rules, 1999 (2) They shall come into force on the 1 st day of April, 2000. 2. In Appendix I to Income-tax Rules, 1962 ,- (a) for the words A. TANGIBLE ASSETS occurring above the heading I. BUILDINGS , the following shall be substituted, namely :- PART A TANGIBLE ASSETS ; (b) under the heading I. BUILDINGS , under item (3), after entry (ii), the following entry shall be inserted, namely :- TABLES OF RATES AT WHICH DEPRECIATION IS ADMISSIBLE Block of assets Depreciation allowance as percentage of written down value 1 2 (iii) New buildings, other than the buildings covered under entry (ii) of this item, with dwelling units each with plinth area not exceeding 80 square metres acquired on or after the 1st day of April, 1999 but before the 1st day of April, 2002. 40 ; (c) after the heading IV, SHIPS for the portion beginning with the words B. INTANGIBLE ASSETS and ending with figure 25 , the following shall be substituted, namely :- Block of assets Depreciation allowance as percentage of written down value 1 2 PART B INTANGIBLE ASSETS Know how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature 25 . [F. No. 39/FB/99-TPL] S. BALASUBRAMANIAN, Under Secy.