Assesses entitled to interest of 0.5 per cent per month on refunds

Under the new code, an assessee is entitled to receive simple interest at the rate of one-half per cent per month, or part of a month, on any amount receivable by him in respect of any financial year for the period from the day immediately following the expiry of that financial year or the date on which such amount was paid, whichever is later, to the date on which the refund is granted.

An assessee shall be entitled to receive simple interest at the rate of one-half per cent per month, or part of a month, on the amount of interest receivable by him under sub-section (1) for the period from the date of grant of refund under that sub-section to the date of actual payment of such interest, if such interest is not paid to him along with the refund.

Computation Of Depreciation

The amount of depreciation of business capital assets referred to in section 35 shall be the aggregate of the following: -  (a) such percentage of the adjusted value of any block of assets as specified in the Fifteenth Schedule, in respect of all the business capital assets forming part of the relevant block of assets specified therein; and (b) nil in respect of any other business capital asset not forming part of any block of assets specified in the Fifteenth Schedule.

The depreciation allowance on assets referred to in section 35 shall, regardless of the fact that all business capital assets in any block of assets have ceased to exist by reason of being demolished, destroyed, discarded or transferred, be allowed to a person in respect of the block of asset if the adjusted value of the block of assets is greater than zero.

The provision of sub-section (2) shall not apply to any block of asset in respect of which the percentage specified in the Fifteenth Schedule for computing depreciation under sub-section (1) is zero.