Depreciation On Solar Panels In India

Depreciation rate solar power plant per companies act income tax goods and services tax gst service tax central excise custom wealth tax foreign exchange. Solar power is being promoted in corporates and private sector by govt of india through tax relief by allowing them to avail higher rate of depreciation more often termed as accelerated depreciation ad benefit under section 32 of income tax act. The normal depreciation rate for any general plant and machinery is 15.

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Government owned webel was one of the first manufacturers of solar energy panels in the country.

Depreciation on solar panels in india.

To promote the use of solar power in the commercial and industrial sectors the government of india offers accelerated depreciation of fixed assets equated with the solar power plant the current rate of acceleration is 40 that can be claimed in one year. This in return allows the user to claim tax benefits on the value depreciated in a given year. 40 l windmills and any specially designed devices which run on wind mills installed on or before march 31 2012 m any special devices including electric generators and pumps running on wind energy installed on or before march 31 2012. K solar photovoltaic modules and panels for water pumping and other applications.

It is mandatory for all large housing societies in west bengal having a total contract demand of more than 500 kw to install solar rooftop systems to meet a. Solar panel subsidy in west bengal west bengal is a pioneer in solar technology in india. Scenario uptil 31 st march 2017. The accelerated depreciation benefit allows the commercial and industrial users of solar power in india to depreciate their investment in a solar power plant at a much higher rate than general fixed assets.

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