Motor buses, motor lorries and motor taxies used in a business of running them on hire acquired on or after 23.08.2019 but before 01.04.2021 and is put to use before 1.04.2021 will be entitled to a Depreciation @ .......
CS Executive · Tax Laws · PYQS · December 2023
Motor buses, motor lorries and motor taxies used in a business of running them on hire acquired on or after 23.08.2019 but before 01.04.2021 and is put to use before 1.04.2021 will be entitled to a Depreciation @ ..........
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B), (D). Official source note: Correct option is D. However, there is a typo error in the question. As the time period of claming higher deduction is between 23rd Aug, 2019 to 31.03.2020. Therefore, option B is also correct as from 1.4.2000 onwards rates were 30%.
Topics: Income Tax Act, 1961
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