Amendment to Schedule XIV to the Companies Act,1956 – Changes in Depreciation Rate on Plant and Machinery

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Section 641 of the Companies Act, 1956 – Schedules, forms and rules – Power to alter Schedules – Alterations in Schedule XIV
NOTIFICATION [F. NO. 2/6/2008-CL.V], DATED 14-12-2011
In exercise of the powers conferred by sub-section (1) of section 641 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following alterations in the Schedule XIV of the said Act namely :-
In Schedule XIV to the Companies Act, 1956, under the heading “II PLANT AND MACHINERY”, under item (ii) relating to special rates, in sub-item B.7, for the entries, the following entries shall respectively be substituted, namely :-
Schedule XIV
Rates of depreciation

Name of assets	Single Shift		Double Shift		Triple Shift
	W.D.V.	S.L.M.	W.D.V.	S.L.M.	W.D.V.	S.L.M.
1	2	3	4	5	6	7
“7. Mineral oil Concerns Field operations (above ground). Portable boilers, drilling tools, well-head tanks, etc. (NESD)	30 per cent	11.31 per cent	–	–	–	–
7A. Rigs (NESD)	10 per cent	3.34 per cent	–	–	–	– “