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of <h1>New Depreciation Rate for Commercial Vehicles in Income-Tax Rules: 50% for Assets Acquired in 2001-2002.</h1> The Income-Tax (Sixth Amendment) Rules, 2001, issued by the Central Board of Direct Taxes, amends the Income-tax Rules, 1962. Effective from April 1, 2002, the amendment introduces a new entry in the Table to Appendix I under Part-A for tangible assets, specifically under 'Machinery and Plant.' It specifies that commercial vehicles acquired between April 1, 2001, and April 1, 2002, and used for business or professional purposes before April 1, 2002, will have a specified depreciation rate of 50%.
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