https://www.taxtmi.com/article/detailed?id=8740 Amendment to the Income tax Rules prescribes higher depreciation rates for specified motor cars and for motor buses, lorries and taxis used on hire where acquisition and put to use fall within the prescribed period, and declares the rules to be deemed in force from 23 August 2019. Entitlement depends on the date the asset is put to use (affecting full or half year allowance), raising uncertainty whether higher rates apply for the entire previous year and the immediately succeeding assessment year; taxpayers must document put to use and may plan transfers of eligible vehicles to secure accelerated written down value relief. en-us Wed, 25 Sep 2019 06:39:45 +0530 Wed, 25 Sep 2019 06:39:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=8740 Amendment to the Income tax Rules prescribes higher depreciation rates for specified motor cars and for motor buses, lorries and taxis used on hire where acquisition and put to use fall within the prescribed period, and declares the rules to be deemed in force from 23 August 2019. Entitlement depends on the date the asset is put to use (affecting full or half year allowance), raising uncertainty whether higher rates apply for the entire previous year and the immediately succeeding assessment year; taxpayers must document put to use and may plan transfers of eligible vehicles to secure accelerated written down value relief. Articles Income Tax Wed, 25 Sep 2019 06:39:45 +0530 https://www.taxtmi.com/article/detailed?id=8740