New Income Tax Depreciation Rates for Motor Vehicles
The Central Board of Direct Taxes (CBDT) has notified new depreciation rate of 30% on motor cars (other than those used in a business of running them on hire) & 45% on Motor buses, motor lorries and motor taxis used in a business of running them on hire. Such vehicles should have been acquired on or after 23-08-2019 but before 01-04-2020 and are put to use before the 01-04-2020.
Video Explanation of New Income Tax Depreciation Rates for Motor Vehicles
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 20th September, 2019
(Income-tax)
[Notification No. 69 /2019 / F.No. 370142/17/2019-TPL]
Download Complete Notification : Click here
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