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of <h1>Higher Depreciation Rates for Motor Lorries in Goods Transport Business u/s 32 of Income-tax Act.</h1> The circular addresses the applicability of a higher rate of depreciation under Section 32 of the Income-tax Act, 1961, for motor lorries used in the business of transporting goods. It clarifies that motor lorries used directly by a business for transporting goods on hire qualify for this higher depreciation rate, similar to motor buses and taxis used by tour operators or travel agents. However, this benefit does not extend to vehicles used in non-hiring business activities. The directive is intended for dissemination among relevant tax officers.
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