Income Tax Ordinance, 2001

THIRD SCHEDULE

THIRD SCHEDULE

THE THIRD SCHEDULE1[PART-IDEPRECIATION(See Section 22)Depreciation rates specified for the purposes of section 22 shall be,-I.Building (all types).10%II.Furniture (including fittings) and machinery and plant (not otherwise specified), Motor vehicles (all types), ships, technical or professional books.15%III.Computer hardware including printer, monitor and allied item 2[, machinery and equipment used in manufacture of I.T. products], aircrafts and aero engines.30%IV.In case of mineral oil concerns the income of which is liable to be computed in accordance with the rules in Part-I of the Fifth Schedule.3[***](b) Offshore platform and production installations100%20%]4[VA ramp built to provide access to persons with disabilities not exceeding Rs. 250,000 each.100%]PART IIINITIAL ALLOWANCE 5[AND FIRST YEAR ALLOWANCE]6[( 7[See Sections 23, 8[***] and 23B])](1) The rate of initial allowance under section 23 shall be 9[25]% 10[for plant and machinery 11[***]]12[(2) The rate of First Year Allowance under section 13[***] 14[and section 23B] shall be 90%.]PART IIIPRE-COMMENCEMENT EXPENDITURE(See Section 25)The rate of amortization of pre-commencement expenditure under section 25 shall be 20%.____________________________________________________________1-Part I substituted by the Finance Act, 2005 (VII of 2005 assented on 29th June, 2005). At the time of substitution part-I was as under:--“PART IDEPRECIATION (See Section 22)Depreciation rates specified for the purposes of section 22 shall be-Class of asset.Description.Rate per cent of the written down value.BULDINGS  IBuilding (not otherwise specified).5(General rate)11Factory, workshop, cinema, hotel, hospital.10IIIResidential quarters for labour.10FURNITURE  IVFurniture (including fittings).10MACHINERY AND PLANT  VMachinery and plant (not otherwise specified).10(General rate)VIComputer hardware, including printer, monitor and allied items.30VIITechnical or professional books.20VIII(i)(ii)Ships.New.Second hand.Age at time of purchase:a) Not more than ten years.b) Ten or more years.51020IXMotor vehicles (all types).20XAircraft, aero-engines and aerial photographic apparatus.30XIBelow ground…