Income tax department has issued a notification regarding depreciation restricted to 15% on wind mills installed after 31.03.2012 on 30.03.2012 as Fourth Amendment Rules -2012. detailed notification is given as under :-
Income-tax (Fourth Amendment Rules, 2012 – Depreciation restricted to 15% on wind mills installed after 31-3-2012
Notification No. 15/2012 [F.No.149/21/2010-SO(TPL)] S.O.694(E), dated 30-3-2012
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 ( 4th Amendment) Rules, 2012.
(2) They shall come into force on the 1st day of April, 2012.
2. In the Income-tax Rules, 1962, in the Table, in the New Appendix I, in Part-A relating to Tangible Assets, under the heading “III. Machinery and Plant”, in item (8), in sub-item (xiii), -
(a) In clause (l), after the words, “which run on wind mills”, the words, figures and letters, “installed on or before 31st day of March, 2012”, shall be inserted ; and
(b) In clause (m), after the words, “running on wind energy”, the words figures and letters, “installed on or before 31st day of March, 2012”, shall be inserted.
( J. Saravanan )
Under Secretary (TPL-III)
Note.- The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section(ii), vide Notification number S.O.969(E), dated the 26th March, 1962 and last amended by Income-tax ( 3rd Amendment) Rules, 2012, vide Notification S.O. No. 626(E) dated the 28th March, 2012.