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Rates of Depreciation Under Company Act

Nature of Assets Useful
Life		 Rate
[SLM]		 Rate
[WDV]
(I) Buildings [NESD]
(a) Building (other than factory buildings) RCC Frame Structure 60 1.58% 4.87%
(b) Building (other than factory buildings) other than RCC
Frame Structure		 30 3.17% 9.50%
(c) Factory buildings 30 3.17% 9.50%
(d) Fences, wells, tube wells 5 19.00% 45.07%
(e) Other (including temporary structure, etc.) 3 31.67% 63.16%
(II) Bridges, culverts, bunkers, etc. [NESD] 30 3.17% 9.50%
(III) Roads [NESD]
(a) Carpeted Roads
(i) Carpeted Roads – RCC 10 9.50% 25.89%
(ii) Carpeted Roads – other than RCC 5 19.00% 45.07%
(b) Non-carpeted roads 3 31.67% 63.16%
(IV) Plant and Machinery
(a) General rate applicable to Plant and Machinery not
covered under Special Plant and Machinery
(i) Plant and Machinery other than continuous process plant not
covered under specific		 15 6.33% 18.10%
(ii) Continuous process plant for which no special rate has been
prescribed under (ii) below		 8 11.88% 31.23%
(b) Special Plant and Machinery
(i) Plant and Machinery related to production and exhibition
of Motion Picture Films
1 Cinematograph films – Machinery used in the production and
exhibition of cinematograph films, recording and reproducing
equipments, developing machines, printing machines, editing
machines, synchronizers and studio lights		 13 7.31% 20.58%
2 Projecting equipment for exhibition of films 13 7.31% 20.58%
(ii) Plant and Machinery used in glass
1 Plant and Machinery except direct fire glass melting furnaces
– Recuperative and regenerative glass melting furnaces		 13 7.31% 20.58%
2 Plant and Machinery except direct fire glass melting furnaces
– Moulds [NESD]		 8 11.88% 31.23%
3 Float Glass Melting Furnaces [NESD] 10 9.50% 25.89%
(iii) Plant and Machinery used in mines and quarries Portable
underground machinery and earth moving machinery used in
open cast mining		 8 11.88% 31.23%
(iv) Plant and Machinery used in Telecommunications [NESD]
1 Towers 18 5.28% 15.33%
2 Telecom transceivers, switching centres, transmission and
other network equipment		 13 7.31% 20.58%
3 Telecom – Ducts, Cables and optical fibre 18 5.28% 15.33%
4 Satellites 18 5.28% 15.33%
(v) Plant and Machinery used in exploration, production and
refining oil and gas [NESD]
1 Refineries 25 3.80% 11.29%
2 Oil and gas assets (including wells), processing plant and
facilities		 25 3.80% 11.29%
3 Petrochemical Plant 25 3.80% 11.29%
4 Storage tanks and related equipment 25 3.80% 11.29%
5 Pipelines 30 3.17% 9.50%
6 Drilling Rig 30 3.17% 9.50%
7 Field operations (above ground) Portable boilers, drilling tools,
well-head tanks, etc.		 8 11.88% 31.23%
8 Loggers 8 11.88% 31.23%
(vi) Plant and Machinery used in generation, transmission and
distribution of power [NESD]
1 Thermal / Gas / Combined Cycle Power Generation Plant 40 2.38% 7.22%
2 Hydro Power Generation Plant 40 2.38% 7.22%
3 Nuclear Power Generation Plant 40 2.38% 7.22%
4 Transmission lines, cables and other network assets 40 2.38% 7.22%
5 Wind Power Generation Plant 22 4.32% 12.73%
6 Electric Distribution Plant 35 2.71% 8.20%
7 Gas Storage and Distribution Plant 30 3.17% 9.50%
8 Water Distribution Plant including pipelines 30 3.17% 9.50%
(vii) Plant and Machinery used in manufacture of
1 Sinter Plant 20 4.75% 13.91%
2 Blast Furnace 20 4.75% 13.91%
3 Coke Ovens 20 4.75% 13.91%
4 Rolling mill in steel plant 20 4.75% 13.91%
5 Basic Oxygen Furnace Converter 25 3.80% 11.29%
(viii) Plant and Machinery used in manufacture of non ferrous metals
1 Metal pot line [NESD] 40 2.38% 7.22%
2 Bauxite crushing and grinding section 40 2.38% 7.22%
3 Digester Section [NESD] 40 2.38% 7.22%
4 Turbine [NESD] 40 2.38% 7.22%
5 Equipments for Calcinations [NESD] 40 2.38% 7.22%
6 Copper Smelter [NESD] 40 2.38% 7.22%
7 Roll Grinder 40 2.38% 7.22%
8 Soaking Pit 30 3.17% 9.50%
9 Annealing Furnace 30 3.17% 9.50%
10 Rolling Mills 30 3.17% 9.50%
11 Equipments for Scalping, Slitting, etc. [NSED] 30 3.17% 9.50%
12 Surface Miner, Ripper Dozer, etc. used in mines 25 3.80% 11.29%
13 Copper refining plant [NSED] 25 3.80% 11.29%
(ix) Plant and Machinery used in medical and surgical operations
[NESD]
1 Electrical Machinery, X-ray and electrotherapeutic apparatus
and accessories thereto, medical, diagnostic equipments, namely,
Cat-scan, Ultrasound Machines, ECG Monitors, etc.		 13 7.31% 20.58%
2 Other Equipments 15 6.33% 18.10%
(x) Plant and Machinery used in manufacture of pharmaceuticals
and chemicals [NESD]
1 Reactors 20 4.75% 13.91%
2 Distillation Columns 20 4.75% 13.91%
3 Drying equipments / Centrifuges and Decanters 20 4.75% 13.91%
4 Vessel / Storage tanks 20 4.75% 13.91%
(xi) Plant and Machinery used in civil construction
1 Concreting, Crushing, Piling Equipments and Road Making
Equipments		 12 7.92% 22.09%
2 Heavy Lift Equipments –
– Cranes with capacity more than 100 tons 20 4.75% 13.91%
– Cranes with capacity less than 100 tons 15 6.33% 18.10%
3 Transmission line, Tunnelling Equipments [NESD] 10 9.50% 25.89%
4 Earth-moving equipments 9 10.56% 28.31%
5 Others including Material Handling / Pipeline / Welding
Equipments [NESD]		 12 7.92% 22.09%
(xii) Plant and Machinery used in salt works [NESD] 15 6.33% 18.10%
(V) Furniture and fittings [NESD]
(a) General furniture and fittings 10 9.50% 25.89%
(b) Furniture and fittings used in hotels, restaurants and boarding
houses, schools, colleges and other education institutions, libraries,
welfare centres, meeting halls, cinema houses, theatres and
circuses and furniture and fittings let out on hire for used on
occasion of marriages and similar functions		 8 11.88% 31.23%
(VI) Motor Vehicles [NESD]
(a) Motor cycles, scooters and other mopeds 10 9.50% 25.89%
(b) Motor buses, motor lorries, motor cars and motor taxies
used in a business of running them on hire		 6 15.83% 39.30%
(c) Motor buses, motor lorries, motor cars and motor taxies
other than those used in a business of running them on		 8 11.88% 31.23%
(d) Motor tractors, harvesting combines and heavy vehicles 8 11.88% 31.23%
(e) Electrically operated vehicles 8 11.88% 31.23%
(VII) Ships [NESD]
(a) Ocean-going ships
(i) Bulk Carriers and liner vessels 25 3.80% 11.29%
(ii) Crude tankers, product carriers and easy chemical carriers
with or without conventional		 20 4.75% 13.91%
(iii) Chemicals and Acid Carriers
1 With Stainless steel tanks 25 3.80% 11.29%
2 With other tanks 20 4.75% 13.91%
(iv) Liquefied gas carriers 30 3.17% 9.50%
(v) Conventional large passenger vessels which are used for
cruise purpose also		 30 3.17% 9.50%
(vi) Coastal service ships of all categories 30 3.17% 9.50%
(vii) Offshore supply and support vessels 20 4.75% 13.91%
(viii) Catamarans and other high speed passenger
for ships or boats		 20 4.75% 13.91%
(ix) Drill ships 25 3.80% 11.29%
(x) Hovercrafts 15 6.33% 18.10%
(xi) Fishing vessels with wooden hull 10 9.50% 25.89%
(xii) Dredgers, tugs, barges, survey launches and other
similar ships used mainly for dredging		 14 6.79% 19.26%
(b) Vessels ordinarily operating on inland waters
(i) Speed boats 13 7.31% 20.58%
(ii) Other vessels 28 3.39% 10.15%
(VIII) Aircrafts or Helicopters [NESD] 20 4.75% 13.91%
(IX) Railway siding, locomotives, rolling stocks,
tramways and railway used by concerns, excluding railway		 15 6.33% 18.10%
(X) Ropeway structures [NESD] 15 6.33% 18.10%
(XI) Office equipments [NESD] 5 19.00% 45.07%
(XII) Computers and data processing units [NESD]
(a) Servers and networks 6 15.83% 39.30%
(b) End user devices, such as, desktops, laptops, etc. 3 31.67% 63.16%
(XIII) Laboratory equipment [NESD]
(a) General laboratory equipment 10 9.50% 25.89%
(b) Laboratory equipments used in education institutions 5 19.00% 45.07%
(XIV) Electrical Installations and Equipment [NESD] 10 9.50% 25.89%
(XV) Hydraulic woks, pipelines and sluices [NESD] 15 6.33% 18.10%
ear47mtete|0000AD2F8806|sagportal|utilitie|detail|D46527A9-3897-47F5-9F3B-CF23A124190B

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Restoration of GST Returns data on Portal
29 Sep 24
ICICI Prudential Life Insurance Receives Rs 361.23 Crore Income Tax Order for AY 2022-23
CBDT Extends Deadline for Filing Audit Reports for FY 2023-24 to 7th October 2024
GSTN Explains Legality of Notices and Orders From Tax Officials That Do Not Include Digital Signatures
Patna HC: 3-Year Limitation Period Commences from Actual GST Annual Return Filing Date, Not the Extended Due Date
28 Sep 24
SC Asks CBDT to Fix Income Tax Software Problems to Avoid Harassment of Assessee
Supreme Court Dismisses 573 Direct Tax Cases Due to Revised Monetary Limits
GoM Recommends Higher GST Rates on Textiles and Apparel, and Lower Rates for Educational Materials
27 Sep 24
MCA Amends Companies (Accounts) Rules for Separate Filing of CSR-2 Form
Traders Must Save GST Return Data Older Than September 2017 Before 01st Oct
55th GST Council Meeting Focuses on Insurance Premiums; GoM Defers Rate Rationalization
GSTN Issues Advisory on Issuance of Notices/Orders without Digital Signatures of the Issuing Authorities
26 Sep 24
GSTN CEO Confirms Completion of Design Architecture for B2C E-Invoicing for Retailers
MCA Notifies Companies (Accounts) Amendment Rules, 2024
Archival of GST Returns data on GST portal
Businesses, Be Prepared for the Upcoming GST E-Invoice for B2C Launch
Delhi HC Quashes GST Reg. Order, Citing Lack of Evidence That Taxpayer Was Not Operating at Principal Place of Business
Gujarat HC Criticizes Authority for ‘Cryptic’ GST Notice in Reg. Cancellation, Despite 2022 Orders
25 Sep 24
MCA Grants 5-Year Extension for Producer Companies on Share Dematerialisation Compliance
Telangana HC: Appellate Authority is Legally Empowered to Decide on the Jurisdiction of a GST Order
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24 Sep 24
Tata Sons Secures Tax Relief as Rs 1500 Crore GST Demand in Docomo Settlement Dismissed
ITAT: Interest Income from Fixed Deposit with Co-operative Banks is Eligible for Deduction U/S 80P(2)(d)
Himachal Pradesh HC: State Authorities Can’t Transfer a Case to the GST Until They Complete Their Process
Madras HC Dismisses GST Order U/S 73(9) for Rejecting SCN Reply Without Sufficient Justification
23 Sep 24
GoM on GST rate rationalisation to meet on September 25 to discuss slab, rate tweaks
IGST Panel Finalizes Action Plan to Resolve `Negative Balance` Issue
Vivad Se Vishwas 2.0: Lower Settlement for Declarations Filed by 31st December
22 Sep 24
GoM on GST rate rationalisation to meet on September 25 to discuss slab, rate tweaks
IGST Panel Finalizes Action Plan to Resolve `Negative Balance` Issue
Vivad Se Vishwas 2.0: Lower Settlement for Declarations Filed by 31st December
Madras HC: GST Appeal Can’t Be Denied for Failing to Upload Legal Documents on Portal Due to Technical Errors
More Difficulties in I-T Portal Delaying Audit Report Filing, Disappointing Tax Experts
MP HC: Officials Can’t Use IPC Provisions for Tax Offences Covered by the GST Act
21 Sep 24
GST E-Way Bill Generation Report Reaches 6th Milestone Since 2018 in August 2024
CBDT Cir No. 9/2024: Enhancement of Monetary Limits for Filing Appeals
MCA Enforces Key Provision of Competition (Amendment) Act, 2023 from 19th Sept 2024
Food Processing Ministry to Address Industry`s GST Concerns with GST Council: Chirag Paswan
20 Sep 24
Finance Ministry Fast-Tracks Income Tax Act Review, Targets January 2025 Deadline
E-Way Bill Generation Hits Record 10.54 Crore in August
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Delhi CESTAT: No Service Tax on Service Charges Collected by Medical Shops in Hospitals
Authority Must Review the Correctness of GST Returns Before Action U/S 73: Madras HC Quashes Order
Madras HC Rejects GST Refund Claim as Goods Receivers Has No Authority to File Claim

Due Date Reminder

Jan Feb Mar Apr May June
July Aug Sep Oct Nov Dec
All
07 Oct 24 Filing of Tax Audit Report where due date of ITR is 31 Oct.
07 Oct 24 Filing of MAT/AMT Audit Report etc. where due date of ITR is 31 Oct.
07 Oct 24 Filing of Audit Report u/s 80JJAA(2) for additional employment where due date of ITR is 31 Oct.
07 Oct 24 Filing of other Audit Reports , where due date of ITR is 31 Oct.
07 Oct 24 Return of External Commercial Borrowings for September.
07 Oct 24 CA firms to Submit online Multi purpose Empanelment form (MEF) for FY 24-25.
07 Oct 24 "Payment of TDS/TCS of September. In case of government offices where TDS/TCS is paid by book entry, same shall be paid on the same day on which tax is deducted or collected. "
10 Oct 24 Monthly Return by Tax Deductors for September.
10 Oct 24 Monthly Return by e-commerce operators for September.
11 Oct 24 Monthly Return of Outward Supplies for September.
13 Oct 24 Quarterly Return of Outward Supplies for Jul-Sep (QRMP)
13 Oct 24 Monthly Return by Non-resident taxable person for September.
13 Oct 24 Monthly Return of Input Service Distributor for September.
14 Oct 24 Optional Invoice Management System (IMS) introduced to allow taxpayers to accept, reject, or to keep the invoices pending for the purpose of availment of ITC.
14 Oct 24 Notice for the appointment of Auditor if AGM date was 30 Sep (within 15 days of AGM)
15 Oct 24 Payment of ESI for September
15 Oct 24 E-Payment of PF for September.
15 Oct 24 TCS Statement for Sep Quarter.
15 Oct 24 Details of Deposit of TDS/TCS of September by book entry by an office of the Government.
15 Oct 24 Statement by Banks etc. in respect of foreign remittances in Sep Quarter.
15 Oct 24 E-filing of form 15G/H for Sep Quarter.
15 Oct 24 Issue of TDS Certificate u/s 194-IA for TDS deducted on Purchase of Property in August.
15 Oct 24 Issue of TDS Certificate for tax deducted on rent above 50,000 pm by certain individuals/HUF under Section 194-IB where lease has terminated in August.
15 Oct 24 Issue of TDS Certificate for tax deducted u/s 194M on certain payments by individual/HUF in August.
15 Oct 24 Issue of TDS Certificate for tax deducted u/s 194S on Virtual Digital Assets in August.
18 Oct 24 Payment of tax of Jul-Sep quarter for taxpayers under Composition Scheme.
20 Oct 24 Monthly Return by persons outside India providing online information and data base access or retrieval services, for September.
20 Oct 24 To add/amend particulars (other than GSTIN) in GSTR-1 of Sep. It can be filed after filing of GSTR-1 but before filing corresponding GSTR-3B. For quarterly filers, it can be filed till 22/24 Oct.
20 Oct 24 Summary Return cum Payment of Tax for September by Monthly filers. (other than QRMP).
22 Oct 24 Summary Return of Jul-Sep quarter by Quarterly filers in Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands or Lakshadweep.
24 Oct 24 Summary Return of Jul-Sep quarter by Quarterly filers in Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha, the Union territories of Jammu and Kashmir, Ladakh,Chandigarh or Delhi.
25 Oct 24 Half yearly Details of goods/capital goods sent to & from job worker for Apr-Sep for turnover above 5 cr.
26 Oct 24 Filing of Cost Audit Report for 2023-24 by Company to whom cost audit is applicable. (within 30 days of submission by Cost Auditor report)
28 Oct 24 Return for September by persons with Unique Identification Number (UIN) like embassies etc to get refund under GST for goods and services purchased by them.
29 Oct 24 Filing of financial statements by Cos (Other than OPCs) for FY 2023-24 with the ROC. (30 days from AGM.)
29 Oct 24 Report on Annual General Meeting by Listed company when AGM held on 30 Sep. (within 30 days from completion of AGM).
29 Oct 24 Statement of Accounts and Solvency for 2023-24 to be filed by every LLP.
30 Oct 24 Half-yearly return by Nidhi Companies for April to September.
30 Oct 24 Issue of TCS certificate by All Collectors for September quarter.
30 Oct 24 Deposit of TDS u/s 194-IA on payment made for purchase of property in September.
30 Oct 24 Deposit of TDS u/s 194-IB @ 5% on total payment of Rent more than 50,000 pm by individual or HUF (not liable to tax audit) during FY 24-25, where lease has terminated in Sep. (Else TDS is to be deposited on annual basis by 30 April of next year.)
30 Oct 24 Deposit of TDS on certain payments made by individual/HUF u/s 194M for September.
30 Oct 24 Deposit of TDS on Virtual Digital Assets u/s 194S for September.
31 Oct 24 Specified Companies(receiving supplies from Micro & Small Enterprises whose outstanding dues exceed 45 days) to file details of all outstanding dues to Micro or Small enterprises suppliers for Apr to Sep. Details of even those MSME vendors to be given, to whom payment was made whether within 45 days or later.
31 Oct 24 Avail QRMP for Oct-Dec onwards.
31 Oct 24 Taxpayers to declare opening balance for these new GST ledgers.
31 Oct 24 Report cumulative ITC reversal (ITC that has been reversed earlier and has not yet been reclaimed) as opening balance for Electronic Credit Reversal and Re-claimed Statement.
31 Oct 24 Online Application by Domestic Co. (other than to whom transfer pricing provisions are applicable) for exercise of option u/s 115BAA (22% tax)
31 Oct 24 Online Application by new Manufacturing Domestic Co. (other than to whom transfer pricing provisions are applicable) filing ITR for first time, for exercise of option u/s 115BAB (15% tax).
31 Oct 24 Online Application by Individual/HUF carrying business / profession, for exercise of option u/s 115BAC(1), where due date of ITR is 31 Oct.
31 Oct 24 Online Application by resident co-operative society, for exercise of option u/s 115BAD(1) where due date of ITR is 31 Oct.
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