Income from vehicle (rent)

U/s 194C, tax is required to be deducted @ ’ 1% (2% for other than HUF and individual)for carrying out any work of carriage of goods and passengers by any mode of transport other than by railways. so, though all types of machinery, plant and equipment given on hire get covered u/s. 194-I (Rent) but hiring of transport vehicles get specifically covered u/s. 194-C as far as Tax Deduction at source is concerned.

Further,no deduction shall be made from any sum credited or paid to a contractor during the course of business of plying, hiring or leasing goods carriages, on furnishing of his Permanent Account Number.

So TDS provisions are applicable to you u/s 194C if your car is not used for goods transport. In that case TDS will be @ 1%(individual) if one pmt >Rs 30000/- or total pmts> Rs 75000/-

You can claim depreciation against the car @ 30%

Magma Fincorp Ltd. vs. Assistant Commissioner of Income-tax [2010] 128 TTJ 715(KOL.), it  was held that the assessee is entitled to higher rate of depreciation as per Appendix I, Income  Tax Rules, 1961 Entry III(3)(ii) in respect of motor cars used in the business of running them on  hire