[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY, PART II,
SECTION 3, SUB-SECTION (ii)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
New Delhi, the 3rd March, 2016
S.O. 650 (E). In exercise of the powers conferred by section 295 read with section 32 of the
Incometax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the
following rules further to amend the Incometax Rules, 1962, namely:
1. (1) These rules may be called the Income-tax (4th Amendment) Rules, 2016).
(2) They shall come into force on the 1st day of April 2016.
2. In the Income-tax Rules, 1962, in New APPENDIX I, in the TABLE OF RATES AT
WHICH DEPRECIATION IS ADMISSIBLE, in PART A relating to TANGIBLE ASSETS,
under the sub-heading III. MACHINERY AND PLANT, in item (8), in sub-item (xii) relating
to Mineral oil concerns, after entry (b), the following entry shall be inserted, namely:--
Block of assets Depreciation allowance as percentage of
written down value
"(c) Oil wells not covered in clauses (a) and 15".
[Notification No. 13 /2016, F. No.142/33/2015-TPL]
Note: The principal rules were published in the Gazette of India vide notification number
S.O. 969(E), dated the 26 March, 1962 and last amended vide notification number S.O.
637(E), dated the 01/03/2016.