Oil wells included in New Appendix I under Mineral Oil concerns under “III. Plant and Machinery” to be eligible for depreciation@15% [Notification No. 13/2016 dated 03-03-2016] 

The CBDT has, vide this notification, included Oil wells as entry (c) under sub-item (xii) “Mineral Oil concerns” under item (8) of sub-heading III “Plant and Machinery” in new Appendix I.

The rate of depreciation for oil-wells included as entry (c) is 15%.

The amendment shall come into force on 1st April, 2016.