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

Clarification Sought on Applying Higher Depreciation Rates for Motor Vehicles Beyond FY 2020-21 Purchase Period A participant in a discussion forum inquired about the applicability of higher depreciation rates on motor vehicles for the financial year 2020-21. The query concerns whether the higher depreciation rates of 30% for personal vehicles and 45% for commercial vehicles, applicable to purchases made between August 23, 2019, and March 31, 2020, can be applied to the written down value (WDV) of the same vehicles in the subsequent financial year. The question seeks clarification on the continuation of these rates beyond the initial financial year of purchase.