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of <h1>New Depreciation Rule: 50% for Commercial Vehicles Acquired Early 2009, Per Section 295, Income-tax Act, 1961.</h1> The Income-tax (Third Amendment) Rules, 2009, effective from April 1, 2009, amend the Income-tax Rules, 1962. The amendment introduces a new sub-item under the category of tangible assets, specifically for machinery and plant. It specifies that new commercial vehicles acquired between January 1, 2009, and April 1, 2009, and used for business or professional purposes before April 1, 2009, are eligible for a depreciation rate of 50%. This change is authorized by the Central Board of Direct Taxes under section 295 of the Income-tax Act, 1961.
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