Depreciation rates for pollution control equipment increased

Depreciation rates for pollution control equipment specified in entries (viii), (ix) and (x) of the heading ‘III Machinery & Plant” in the Table to Appendix I of the Income TaxRules,1962.have been increased from 80 % to 100%. The increase has been effected by the Income Tax (Fourth Amendment ) Rules, 2003 vide Notification No. S.O.368(E) dated 1st April 2003. The amendment is with effect from 1st April 2003, and hence will be applicable for Assessment Year 2003-04.The text of the Notification is published in 261 ITR St.41.