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of <h1>Depreciation Rate for Tour Operators' Motor Vans Revised to 40% Under Income-tax Rules, 1962, Appendix I, Item III.</h1> The circular addresses the allowance of depreciation on motor vehicles used by tour operators and travel agents for tourist transportation. It clarifies that a higher depreciation rate is applicable under the Income-tax Rules, 1962, specifically sub-item (2)(ii) of item III of Appendix I, for motor vans used in such services. A previous circular had set this rate at 50%, but a subsequent notification reduced it to 40%. Accordingly, references to the 50% rate in earlier communications should now be read as 40%.
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