The Central Board of Direct Taxes in its notification dated 20th September 2019 has brought in Income Tax (9th Amendment) Rules, 2019 which shall be deemed to be in force from 23rd August, 2019.
Depreciation rate of 15% is applicable on motor cars, other than those used in business of running them on hire or put to use on or after the 1st day of April, 1990. 30% Depreciation rate is applicable on cars acquired on or after 23rd August, 2019 but before 1st April, 2020.
On Motor buses, motor lorries and taxies used in a business of running them on hire, 45% rate of depreciation is applicable. Such vehicle should have been acquired on or after 23rd August, 2019 but before 1st April, 2020 and must put to use before the 1st April, 2020. For Motor buses, Lorries and taxies used in business of running them on hire other than stated above, rate of 30% is applicable.
Click here to read the notification.
