India's Central Board of Direct Taxes has issued Notification No. 103/2016 concerning the maximum rate of depreciation for domestic companies that opt for the reduced 25% corporate tax rate introduced in the Finance Act, 2016. The 25% rate (plus surcharge and cess) is available for companies solely engaged in manufacturing/production or related research that are established on or after 1 March 2016 and applies for assessment years beginning on or after 1 April 2017 (subject to certain condit…