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of <h1>Tour Operators Can Claim Full Depreciation on Foreign Cars for Tourist Services Under Income-tax Act, 1961.</h1> The circular addresses the allowance of depreciation on motor vehicles owned and used by tour operators and travel agents for tourist transportation services. It clarifies that while the Income-tax Act, 1961, generally disallows depreciation on foreign motor cars, an exception is made for those used in the tourism industry. Full depreciation is permitted for foreign cars used on hire for tourists, even as part of package tours. Additionally, a higher depreciation rate of 50% is allowed for motor buses, lorries, taxis, and vans used for tourist transport, equating vans with buses and lorries for depreciation purposes.
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