This discussion clarifies the depreciation rates for commercial vehicles used in a rent-a-cab business for AY 2023-24. It addresses the standard 15% rate and explores the conditions under which a higher 40% depreciation can be claimed, particularly for brand-new commercial vehicles. The aim is to provide guidance on maximising depreciation benefits for proprietorship firms.
25 September 2023
Hi Person having business of rent a cab operator and hold vehicle in name of firm which is proprietory .What will be depreciation rate for vehicle used for commercial purposes?