Higher depreciation rates of 30% and 45% on motor vehicles purchased from 23.08.2019 to 31.03.2020.

[gvenugopal g]

Dear Experts,

Warms Greetings,

Higher depreciation rates of 30% (own Vehicles) and 45% (commercial Vehicles) on motor vehicles is purchased from 23.08.2019 to 31.03.2020.

We have taken higher depreciation on assets for the financial year 2019-20, whether the same higher rate is applicable to next financial year 2020-21 too for the WDV of the same vehicles?

Thanks & Regards: G VENUGOPAL

AI Summary

Higher depreciation rates on motor vehicles: whether enhanced rates apply to the written down value in the subsequent year. Higher depreciation rates of 30% (own motor vehicles) and 45% (commercial motor vehicles) applied to vehicles purchased between 23.08.2019 and 31.03.2020. The taxpayer claimed these enhanced rates in the financial year 2019-20 and asks whether the same enhanced rates apply to the written down value of those vehicles in the subsequent financial year.