Guidelines of Form 15CA

1. Guidelines for Part A of Form 15CA:

a. Remitter:

i. Permanent Account Number (PAN) and Tax Deduction and collectionAccount Number (TAN) allotted by the Income Tax Department should be mentioned. TAN is mandatory in cases where-

a. tax has been deducted or will be deducted at source;

b. the remitter has obtained an order under section 195 (2) of the Income-tax Act from the Assessing Officer.

ii. In case an invalid PAN and/or TAN is filled in by the remitter, the Form will not be generated.

iii. In case the remitter does not have a TAN, it is mandatory to quote PAN of the remitter.

iv. PAN of the remitter should invariably be given. However, the same is mandatory if status of entity is Company or Firm. If PAN is not given in such cases, the remitter will not be allowed to generate the Form.

v. Details in at least two address fields for remitter should be mentioned.

vi. Name of the entity should be mentioned in the “Name of remitter” field.

vii. No value is to be provided in Area code, AO type, Range code & AO number. The fields will be entered by the system after validating the PAN and/or TAN.

viii. Email id and mobile no., if any, should be provided.

b. Recipient of remittance:

i. Complete address of recipient of remittance, separated by coma, should be provided.

ii. PAN, allotted by the Indian Income Tax Department should be mentioned.

iii. If status of entity is “company”, then provide type of company i.e., “domestic” or “other than domestic”.

iv. In the field “Principal Place of Business”, the country of tax residence of the recipient of the remittance should be mentioned.

c. Information for accountant

i. Enter name of the Chartered Accountant in the field “Name of the accountant”.

ii. Details in at least two address fields should be mentioned.

iii. Date of certificate should not be a future date.

iv. Registration no. should be numeric.

v. Details of accountant are not required if point no. 15 is selected i.e. any order u/s 195 (2)/ 195 (3)/ 197 of the Income-tax Act has been obtained from Assessing Officer.

vi. Certificate number is an alphanumeric field.

2. Guidelines for PART B of the Form (Particulars of Remittance and TDS)

i. Provide the values as per the accountant certificate obtained in Form 15CB.

ii. In case name of the country is not available in drop down list, select value “other” from the drop down and provide name of the country.

iii. In case currency name is not available in drop down then select value ”other” from the drop down and provide name of the currency.

iv. Proposed date of remittance should be current date or a future date.

v. Amount of TDS should be less than amount of remittance.

vi. Actual amount of remittance after TDS should be less than amount of remittance.

vii. BSR code of the bank through which the remittance is made should be mentioned.

viii. Rate of TDS as per DTAA (if applicable) should be mentioned upto two decimal places.

ix. Amount should be mentioned upto 2 decimal places.

x. Select any one out of fields 12, 13, 14 and 16. One form is to be filled for one type of remittance.

xi. Details of “responsible person” should be mentioned for verification.

xii. If no tax has been deducted then value “0.00” should be mentioned in “Amount of TDS” field (foreign currency and Indian Rs.)

xiii. Value for “rate of deduction as per the Income-tax Act” should be “0.00” if no tax has been deducted and “amount of TDS in Indian and foreign currency” should be “0.00”.

3. Generation of Form 15CA

i. After filling up the information, click “submit”. On submission of details if system shows any errors, rectify and re-submit the form.

ii. A confirmation screen with all the data filled by the user will be displayed. The same can be either confirmed or edited.

iii. On confirmation, a filled up Form 15CA with an acknowledgement number will be displayed. Print out of the Form should be taken, signed and submitted prior to remitting the payment.

iv. Form 15CA can be re-printed by selecting the re-print option. For re-printing, please enter “acknowledgement no.”, “PAN” and/or “TAN” mentioned in the Form

GIFT DEED

BE IT KNOWS TO ALL CONCERNED THAT I………….. S/o Sh. ………...
resident of ……………..(Name of Place) now permanently residing at
……………., (Name of Place) do hereby declare and confirm that I have gifted a
sum of Rs. _______/- (Rs. ________________________ only) vide cheque no.
_______ dated 05/12/20.. drawn on Chartered Bank, Branch,
New Delhi to Dr. ………….. s/o Sh. …………….. resident of ……………, New
Delhi out of my natural love and respect towards him.
I further declare that I have made this gift voluntarily and out of my natural love
and regards and without any sort of consideration. I hereby affirm that I will have
no control of whatsoever nature over the said money after the said gift.
I further declare that I have gifted this amount to Dr. …………….. after drawing
the same from my past savings.
IN WITNESS THEREOF I, the above named, after fully understanding the nature
and contents, sign this deed of declaration of gift on the ……………….
Witness:
1.
2.                                                                                                               (DONER)

AFFIDAVIT FOR TRANSMISSION OF SHARES

AFFIDAVIT FOR TRANSMISSION OF SHARES
I, __________________ son of / daughter of/ wife of ___________, aged
years, resident of _____________________________________ do solemnly
and sincerely swear and state as under:
(1) That Mr. / Mrs. / Miss __________________, the shareholder of _______
_______________ (mention here the name of the company), resident of
_________________________ died on _____________ at ___________.
(2) That the late Mr. / Miss ______________________________ died
intestate, leaving behind me as his / her legal heir:
(3) That under the Law, I am the only heir legally entitled to inherit the assets/
estate of the said deceased and that no other person has any right, title,
interest, claim in or to the said assets/ estate of the deceased.
(4) That the late Mr./ Miss. ___________________________ held in _______
______________ (mention here the name of the company) ___________
No. of shares bearing Distinctive No.______________.
(5) That I am entitled to get the said __________shares referred to in the
preceding paragraph held by the deceased, and, hereby request the
Board of Directors of _____________________ ( mention here the name
of the company) to effect transmission of these Shares to my name and
hereby state and undertake that no other person shall claim any right, title,
interest, now or at anytime hereafter, in or to the said______________
shares of ___________ (mention here the name of the company ) and
that no other person has any objection whatsoever to the Company’s
effecting transmission of the said Shares to my name.
(6) Sworn on this _____________ day of __________ 20XX at _________
(place).
(7) Before me: Signature of the Deponent
(Signature of the person before whom the Affidavit is sworn)
VERIFICATION
I solemnly affirm that what is stated herein above is true to the best of my
knowledge and belief, and that no part thereof is incorrect.
Place:
Date:
Signature of Deponent:

Tax Audit – Section 44AB – Applicability, Due Date, Forms & Penalty

Due date of filing Income tax return for assessees who are liable to get their books of accounts audited is 30th September. Since the due date is nearing, lets get some points refreshed on section 44AB.

Who has to get his accounts audited compulsorily:

1.A Person carrying on business is required to get his books of account compulsorily audited u/s 44AB If thetotal sales, turnover or gross receipt in business for the previous year relevant to assessment year exceed or exceeds Rs. 60 Lakh for the Assessment year 2011-12 and 2012-13 (Rs. 1 Crore from the assessment year 2013-14).

2. A person carrying on profession  is required to get his books of account compulsorily audited u/s 44AB, if his gross receipts in profession for the previous year relevant to the assessment year exceeds 15 lakh for the assessment year 2011-12 and 2012-13 (Rs. 25 lakh from the assessment year 2013-14).

3. A person covered u/s 44AE, 44BB or 44BBB  is required to get his books of account compulsorily audited u/s 44AB if such person claims that the profits and gains from the business are lower than the profits and gains computed under these sections(irrespective of the turnover)

4. A person covered u/s 44AD is required to get his books of account compulsorily audited u/s 44AB if such person claims that the profits and gains from the business are lower than the profits and gains computed in accordance with the provisions of section 44AD(1) and if his income exceeds the maximum amount which is not changeable to tax(i.e basic exemption limit).

Forms and due date: Forms No. 3CA, Form No. 3CD in case of person who carries on business or profession and who is required by or under any law to get his accounts audited and Form No. 3CB and 3CD, in case of a person who carries on business or profession but not being a person referred to above.

Due date for getting the books audit and filing of return in both the above cases is the due date of furnishing return u/s 139(1) i.e 30th September of the relevant assessment year.

Audit under any other law: In case where the accounts are required to be audited by or under any other law(as in the case of companies and cooperative societies), it is sufficient if accounts are audited under such other law before September 30 of the assessment year and the assessee obtains before the said date, audit report as required under such law and also a report of audit from a chartered accountant in the audit forms under Income Tax Act i.e Forms No. 3CA, Form No. 3CD

No penalty u/s 271B if audit report obtained within due date but return filed after due date:After the introduction of new annexure less return forms, the audit report u/s 44AB is not required to be attached with the return. It should not be furnished separately also before or after the due date. However, an assessee should get the audit report before the due date of the furnishing of the return and should fill the relevant columns of return forms on the basis of such report. the assessee should retain the report with himself. It may be furnished at the time of assessment proceedings. No penalty shall be attracted for not furnishing the audit report on or before due date. However, if audit report is not obtained before due date, penalty u/s 271B shall be attracted.

Quantum of Penalty for failure to get accounts audited within due date: If any person fails to get his accounts audited as required under the provisions of section 44AB before the due date u/s 139(1), the AO may impose penalty which may be a sum equal to one-half percent of the total sales, turnover or gross receipts subject to a maximum of Rs. 1.5 Lakh.

Section 44AB applicable to only business Income: Section 44AB provisions are applicable only in the case of business/profession income. It is not applicable in respect of other incomes-Thai Constructions v. State of Maharashtra[2009] 184 Taxman 52 (Bom.).

Turnover in case of  broker: Transactions by a share broker of sale or purchase of shares on behalf of parties cannot amount to ‘sale turnover or receipt’ of share broker himself within the meaning of section 44AB-CIT v Hasmukh M. Shah[2003] 85 ITD 99 (Ahd.)

Work-in progress: Value of work in progress in case of the assessee engaged in construction of shop/flats would not constitute ‘turnover’ within the meaning of section 44AB-CIT v B.K Jhala & Associates [1999] 69 ITD 141 (Pune)

How to Download Form 16 Part A from TDSCPC website

CBDT has made it mandatory for TDS deductors to issue PART A of from No. 16 for TDS deduction made on or After 01.04.2012 to by generating it through TRACES Portal and after duly authenticating and verifying it.

Part B (Annexure)’ of Form No. 16 shall be prepared by the deductor manuallyand issued to the deductee after due authentication and verification alongwith the Part A of the Form No. 16 stated above.

The above changes in Form 16 issue procedure are been notified vide CBDTCIRCULAR NO. 4/2013 [F.NO.275/34/2011-IT(B)], DATED 17-4-2013.

Procedure to Download Form 16 Part A can be download from the following Link :-

FAQ on online generation of Form 16 / 16A

What is Form 16 / 16A?

It is the certificate of deduction of tax at source by any person in accordance with Chapter XVII-B of IT Act.

Form 16 is issued on deduction of tax by the employer on behalf of the employee under section 192 of IT Act, 1961.

Form 16A is issued if the deduction of tax is under any other provision of Chapter XVII-B of IT Act.

These certificates provide details of TDS / TCS for various transactions between deductor and deductee. It is mandatory to issue these certificates to Tax Payers u/s 203 of IT Act, 1961.

Is there any format for these certificates?

Form 16 / 16A are issued as per the provisions of Rule 31(1).

How are these forms generated?

These forms shall be generated by TDS CPC on processing the quarterly TDS / TCS statements filed by deductor. Deductor will have to raise a request for the same on TRACES. Deductor shall have the option to digitally sign the certificates.

What is the due date for the issue of these certificates?

Sr. No.	Form	Periodicity	Due Date
1	16	Annual	By 31st day of May of the financial year immediately following the financial year in which the income was paid and tax deducted
2	16A	Quarterly	Within fifteen days from the due date for furnishing the statement of tax deducted at source under rule 31A

Can I make any changes in the certificate generated by TDS CPC?

The certificates shall be generated in PDF format, therefore they are not editable. Deductor is thereby not permitted to make changes these certificates. If any error is identified in the certificate, deductor will have to file a correction statement for the same.

How can I request for Form 16 / 16A?

Login to TRACES as deductor and submit download request for Form 16 / 16A under ‘Downloads’ tab. File will be available under ‘Requested Downloads’ in ‘Downloads’ tab.

Text file will be provided containing details of all requested PANs. User must convert this text file to PDF using ‘TRACES PDF Generation Utility’. This utility will convert the text file into individual PDFs for each PAN. Deductor can also opt to digitally sign the PDFs while converting.

What is the password for opening Form 16 / 16A text file?

The password for opening Form 16 / 16A will be your TAN in capital letters, i.e., AAAA11111A.

How can I edit details of Authorised Person in Form 16 / 16A?

Details of Authorised Person can be changed by accessing ‘Profile’ in TRACES.

What are the different dates available on Form 16 / 16A?

Date of processing will appear on the top and date of generation of Form 16 / 16A will appear at the bottom of Form 16 /16A.

How can I edit address details of Deductor on Form 16 / 16A?

Address details can be changed by accessing ‘Profile’ in TRACES.

Can I edit address details of Tax Payer (Deductee) on Form 16 / 16A?

No. It cannot be changed on TRACES.

What is meant by ‘Status of Booking’ on Form 16 / 16A?

• U – Unmatched
• P – Provisional
• F – Final
• O – Overbooked

What are the details available in TDS certificate (Form 16 / 16A)?

The details available are as below:

• Name / address / TAN of Deductor
• Name / address / PAN of Tax Payer
• Certificate Number
• Summary of payment made by deductor
• Summary of tax deducted at source in respect of tax payer
• Details of tax deducted and deposited in Central Government account through challan / Book Adjustment (in case of Government deductor)
• Details of tax deducted and deposited in Central Government account through challan (in case of Non-Government deductor)

What can I do if I am unable to get the TDS certificate (Form 16 / 16A)?

It is the duty of every person deducting tax to issue a TDS certificate. In spite of your request, if you are denied the certificate then there is a chance that the tax deducted has not been deposited by the deductor to the government account. Please inform the department (PRO or TDS section) which will then do the needful.

I have not received TDS certificate from my employer. Can I claim TDS deducted from my salary?

Yes. The claim can be made in your return. Department, however, will raise a demand which will not be enforced on you but on your employer.

If the employer does not deduct tax and employee also does not pay his due tax, who will be held responsible for tax payment?

The ultimate responsibility to pay tax rests on the person who has earned income. If the employeedeposits such tax then the employer will be liable for interest and penalty for failure to deduct tax.

Even if no taxes have been deducted from salary, is there any need for my employer to issue Form 16 to me?

Form 16 is a certificate of TDS and in your case it will not apply. However your employer must issue a salary statement.

If I am receiving my pension through a bank who will issue Form 16 or pension statement to me – the bank or my former employer?

The bank will issue Form 16.

How CA can file Income Tax Return / Audit Report for his clients

Can a Chartered Accountant (CA) file Income Tax Forms like Audit Forms on behalf of the taxpayer?
Answer: Yes.
How can a Chartered Accountant (CA) file Income Tax Forms for a tax payer?
Answer:
Visit ITD e-filing website https:\\incometaxindiaefiling.gov.in
GO TO ‘Downloads’ section and select applicable Income Tax Form of the desired Assessment Year OR Login to e-Filing
application and GO TO ‘Downloads’→’Download Forms’ and select applicable Income Tax Form of the desired Assessment
Year.
Download the excel utility of the Income Tax Form.
Fill the excel utility and Validate.
Generate an XML file and save in desired path/destination in your desktop/system.
LOGIN to e-Filing application and GO TO → e-File → Upload Form.
Select the Income Tax Form and the Assessment Year.
Browse and Select the XML file
Upload Digital Signature Certificate.
Click ‘SUBMIT’.
On successful upload, the Income Tax Form is sent to Assessee’s workflow for acceptance.
The Assessee should LOGIN to e-Filing application, GO TO Worklist and accept/reject the Income Tax Form.
On Approval, the Form is successfully submitted with e-Filing application. No further action is required. If rejected, the Tax Professional can file the Income Tax Form again and
follow the same process as mentioned above.
Note:
1. You can upload the Forms after you have registered in e-Filing.
2. Assessee can “Add CA”, using My Account menu, after login
3. To e-File using Digital Signature Certificate (DSC), the DSC should be registered in the application. (To register DSC, you should LOGIN and GO TO → Profile Settings →
Register Digital Signature Certificate)
4. The Form will be further processed and the Assessee will be notified accordingly. Please check your emails on these notifications.
How can I Add/Change a Chartered Accountant in my profile?
Answer: LOGIN to e-Filing application and GO TO ‘My Account’ → ‘Add CA’. Enter the Membership Number of the CA, Form Name and Assessment Year. The Chartered
Accountant must be registered with e-Filing application.
How can I reject an Income Tax form filed by a Chartered Accountant on my behalf?
Answer: LOGIN using your credentials and GO TO Work-list. Select the Income Tax Form you wish to reject, provide comments and click on the Reject button.

RATES OF DEPRECIATION UNDER THE COMPANIES ACT

SCHEDULE XIV (Sec. 205 and 350)  

Nature of Assets
			W.D.V %	S.L.M %
I	a)	Buildings (other than factory buildings) [NESD]	5	1.63
	b)	Factory Buildings	10	3.34
	c)	Purely Temporary Erections (such as wooden structures)	100	100
II. Plant and Machinery
i)		General rate applicable to, a) plant and machinery (not being a ship) other than continuous process plant for which no special rate has been prescribed under (ii) below Single Shift Double Shift Triple Shift	13.91 20.87 27.82	4.75 7.42 10.34
		b) continuous process plant, other than those for which no special rate has been prescribed under (ii) below (NESD)	15.33	5.28
ii)		Special rates
A.	1.	Cinematograph films - Machinery used in the production and exhibition of cinematograph films [NESD] -	20	7.07
	a)	Recording equipment, reproducing equipment, developing machines, printing machines, editing machines, synchronisers and studio lights except bulbs
	b)	Projecting equipment of film exhibiting concerns
	2.	Cycles [NESD]	20	7.07
	3.	Electrical machinery, X-ray and electrotherapeutic apparatus and accessories thereto, medical, diagnostic equipments, namely, Catscan, Ultrasound Machines, ECG Monitors etc. [NESD]	20	7.07
	4.	Juice boiling pans (karhais) [NESD]	20	7.07
	5.	Motor-cars, motor cycles, scooters and other mopeds [NESD]	25.89	9.5
	6.	Electrically operated vehicles including battery powered or fuel cell powered vehicles [NESD]	20	7.07
	7.	Sugarcane crushers (indigenous kolhus and belans) [NESD]	20	7.07
	8.	Glass manufacturing concerns except direct fire glass melting furnaces - Recuperative and regenerative glass melting furnaces Single Shift Double Shift Triple Shift	20 30 40	7.07 11.31 16.21
	9.	Machinery used in the manufacture of electronic goods or components Single Shift Double Shift Triple Shift	15.62 23.42 31.23	5.38 8.46 11.87
B.	1.	Aeroplanes, aeroengines, simulators, visual system and quick engine change equipment [NESD]	16.2	5.6
	2.	Concrete pipes manufacture Moulds [NESD]	30	11.31
	3.	Drum container manufacture Dies [NESD]
	4.	Earth-moving machinery employed in heavy construction works, such as dams, tunnels, canals, etc. [NESD]
	5.	Glass manufacturing concerns except direct fire glass melting furnaces - Moulds [NESD]
	6.	Moulds in iron foundries [NESD]
	7.	Mineral oil concerns - Field operations (above ground) - Portable boilers, drilling tools, well-head tanks, rigs, etc. [NESD]
	8.	Mines and quarries - Portable underground machinery and earth-moving machinery used in open cast mining [NESD]
	9.	Motor buses and motor lorries other than those used in a business of running them on hire [NESD]
	9A	Motor tractors, harvesting combines [NESD]
	10.	Patterns, dies and templates [[NESD]
	11.	Ropeway structures - Ropeways, ropes and trestle sheaves and connected parts [NESD]
	12.	Shoes and other leather goods factories - Wooden lastsused in the manufacture of shoes. Single Shift Double Shift Triple Shift	30 45 60	11.31 18.96 29.05
C.	1.	Motor buses, motor lorries and motor taxies used in a business or running them on hire [NESD]	40	16.21
	2.	Rubber and plastic goods factories - Moulds [NESD]
	3.	Data processing machines including computers [NESD]
	4.	Gas cylinders including valves and regulators [NESD]
D	1.	Artificial silk manufacturing machinery wooden parts	100	100
	2.	Cinematography films - Bulbs of studio lights
	3.	Flour mills - Rollers
	4.	Glass manufacturing concerns - Direct fire glass melting furnaces
	4A.	Float Glass Melting Furnaces (NECD)	27	10
	5.	Iron and Steel industries - Rolling mill rolls	100	100
	6.	Match factories - Wooden match frames
	7.	Mineral oil concerns - a) Plant used in field operations (below ground) - Distribution - returnable packages b) Plant used in field operations (below ground) but not including assets used in field operations (distribution) - Kerbside pumps including underground tanks and fittings
	8.	Mines and quarries - a) Tubs, windings ropes, haulage ropes and sand stowing pipes b) Safety lamps
	9.	Salt works - Salt pans, reservoirs and condensers, etc., made of earthy, sandy or clay material or any other similar material
	10.	Sugar works - Rollers
III	Furniture and Fittings -
	1.	General rates [NESD]	18.1	6.33
	2.	Rate for furniture and fittings used in hotels, restaurants and boarding houses; schools, colleges and other educational institutions, libraries; welfare centres; meeting halls, cinema houses; theatres and circus; and for furniture and fittings let out on hire for use on the occasion of marriages and similar functions [NESD]	25.88	9.5
IV	Ships -
	1.	Ocean-going ships -
		i) Fishing vessels with wooden hull [NESD]	27.05	10
		ii) Dredgers, tugs, barges, survey launches and other similar ships used mainly for dredging purposes [NESD]	19.8	7
		iii) Other ships [NESD]	14.6	5
	2.	Vessels ordinarily operating on inland waters -
		i) Speed boats [NESD]	20	7.07
		ii) Other vessels [NESD]	10	3.34
W.D.V. : Written Down Value S.L.M. : Straight Line Method

Notes : Top

1.                   " buildings" include roads, bridges, culverts, wells and tube-wells.

2.                   " factory building" does not include offices, godowns, officers' and employees' quarters, roads, bridges, culverts, wells and tube-wells.

3.                   "speed boat" means a motor boat driven by a high speed internal combustion engine capable of propelling the boat at a speed exceeding 24 kilometres per hour in still water and so designed that when running at a speed it will plane; i.e. its bow will rise from the water.

4.                   where, during any financial year, any addition has been made to any asset, or where any asset has been sold, discarded, demolished or destroyed, the depreciation on such assets shall be calculated on a pro rata basis from the date of such addition or, as the case may be, up to the date on which such asset has been sold, discarded, demolished or destroyed.

5.                   The following information should also be disclosed in the accounts :

a.       depreciation methods used; and

b.       depreciation rates or the useful lives of the assets, if they are different from the principal rates specified in the Schedule.

6.                   The calculations of the extra depreciation for double shift working and for triple shift working shall be made separately in the proportion which the number of days for which the concern worked double shift or triple shift, as the case may be, bears to the normal number of working days during the year. For this purpose, the normal number of working days during the year shall be deemed to be -

a.       in the case of a seasonal factory or concern, the number of days on which the factory or concern actually worked during the year or 180 days, whichever is greater;

b.       in any other case, the number of days on which the factory or concern actually worked during the year or 240 days, whichever is greater. The extra shift depreciation shall not be charged in respect of any item of machinery or plant which has been specifically, excepted by inscription of the letters "NESD" (meaning "No Extra Shift Depreciation") against it in sub-items above and also in respect of the following items of machinery and plant to which the general rate of depreciation of 13.91% applies -

1)       Accounting machines.

2)       Air-conditioning machinery including room air-conditioners.

3)       Building contractor's machinery.

4)       Calculating machines.

5)       Electrical machinery - switchgear and instruments, transformers and other stationery plant and wiring and fitting of electric light and fan installations.

6)       Hydraulic works, pipelines and sluices.

7)       Locomotives, rolling stocks, tramways and railways used by concerns, excluding railway concerns.

8)       Mineral oil concerns field operations : i) Prime movers ii) Storage tanks (above ground) iii) Pipelines (above ground) iv) Jetties and dry docks

9)       Mineral oil concerns - field operations (distribution) - kerbside pumps, including underground tanks and fittings.

10)   Mineral oil concerns - refineries: i) Prime movers ii) LPG plant

11)   Mines and quarries : i) Surface and underground machinery (other than electrical machinery and portable underground machinery). ii) Head-gears iii) Rails iv) Shafts and inclines v) Tramways on the surface

12)   Neo-post franking machines

13)   Office machinery

14)   Overhead cables and wires

15)   Railway sidings

16)   Refrigeration plant containers, etc. (other than racks)

17)   Ropeways structures : Trestle and station steel work ii) Driving and tension gearing

18)   Salt works - Reservoirs, condensers, salt pans, delivery channels and piers if constructed    masonry, concrete, cement, asphalt or similar materials; barges and floating plant; piers, quays and jetties; and pipelines for conveying brine if constructed of masonry, concrete, cement, asphalt or similar materials.

19)   Surgical instruments

20)   Tramways, electric and tramways run by internal combustion engines - permanent way cars - car trucks, car bodies, electrical equipment and motors; tram cars including engines and gears.

21)   Typewriters

22)   Weighing machines

23)   Wireless apparatus and gear, wireless appliances and accessories.

7.             "Continuous Process Plant" means a plant which is required and designed to operate 24 hours a day. Top

8.             Notwithstanding anything mentioned in this Schedule, depreciation on assets, whose actual cost does not exceed Rs. 5,000 shall be provided depreciation @ 100%. Where such items constitute more than 10% of total actual cost of plant and machinery, normal Schedule XIV rates will apply.