If motor car is used for hire business, then what is depreciation rate?
Thread StarterBanda Veeresh
I got this doubt while I was reading theory
The rate of 30% on motor cars (other than those used in a business of running them on hire) & 45% on Motor buses, motor lorries and motor taxis used in a business of running them on hire. Such vehicles should have been acquired on or after 23-08-2019 but before 01-04-2020 and are put to use before the 01-04-2020. Other cases 15% and 30% respectively.