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of <h1>CBDT Clarifies: 'Motor Vans' Qualify for 30% Depreciation Rate, Aligning with 'Motor Lorries' & 'Motor Buses' u/r IIID(9).</h1> The Central Board of Direct Taxes issued a circular to clarify the depreciation rate for 'Motor Vans' under the Income-tax Rules, 1962. Since no specific rate was provided for 'Motor Vans,' the Board decided they are more similar to 'Motor Lorries' and 'Motor Buses' than 'Motor Cars.' Therefore, 'Motor Vans' should be allowed a depreciation rate of 30 percent, as applicable to 'Motor Lorries' and 'Motor Buses' under item No. IIID(9) of Appendix I. The circular instructs all Commissioners of Income-tax to inform their officers about this decision.
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