Executive Summary:
This notification from the Central Board of Direct Taxes amends the Income-tax Rules of 1962. The amendment concerns depreciation rates for motor vehicles acquired and put to use within a specified period. It introduces changes to the rates applicable to motor cars, buses, lorries, and taxis, effective from August 23, 2019, with a key date of April 1, 2020.
Key Points / Main Content:
* **Amendment Overview:**
* The Income-tax Rules, 1962 are further amended.
* These amendments are called the Income-tax 9th Amendment Rules, 2019.
* The amendments take effect from August 23, 2019.
* **Changes to Depreciation Rates for Motor Vehicles:**
* For motor cars (excluding those used for hiring) acquired and put to use between August 23, 2019, and before April 1, 2020, the depreciation rate is 30%.
* For motor buses, motor lorries, and motor taxis used for hiring, acquired and put to use between August 23, 2019, and before April 1, 2020, the depreciation rate is 45%.
Impact Analysis:
* **Taxpayers acquiring motor vehicles:**
* *Impact:* Taxpayers acquiring specific motor vehicles within the defined period can claim enhanced depreciation.
* *Action Required:* Verify the acquisition and usage dates of motor vehicles to determine eligibility for the revised depreciation rates when filing income tax returns.
* **Tax Authorities:**
* *Impact:* Need to implement and administer the revised depreciation rates.
* *Action Required:* Update assessment procedures and inform field officers about the new rules.
* **Tax Professionals/Consultants:**
* *Impact:* Need to advise clients on the applicability of the new depreciation rates.
* *Action Required:* Stay updated on the amended rules and their implications for clients involved in the acquisition of motor vehicles.
Key Entities Referenced
Central Board of Direct Taxes: An organization that makes rules to amend the Incometax Rules.
Incometax Act, 1961: The act under which the Central Board of Direct Taxes is exercising its powers.
Incometax Rules, 1962: The rules being amended by the notification.
Ministry of Finance: The ministry under which the Department of Revenue and Central Board of Direct Taxes operates.
Department of Revenue: The department of the Ministry of Finance under which the Central Board of Direct Taxes operates.
New Delhi: Location where the notification was issued.
9th Amendment Rules, 2019: Amendment to Income Tax Rules, 1962
Saurabh Gupta: Under Secretary, Tax Policy Legislation Division.
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4926 GI/2019 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
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[अिधसूचना सं. 69 /2019/फा. सं. 370142/17/2019-टीपीएल]
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।
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 20th September, 2019
(Income-tax)
G.S.R. 679 (E).—In exercise of the powers conferred by section 32 read with section 295 of the
Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes, hereby, makes the following rules to
further amend the Income-tax Rules, 1962, namely:
1. Short title and commencement.- (1) These rules may be called the Income-tax (9th Amendment) Rules,
2019.
(2) They shall be deemed to have come into force with effect from the 23rd day of August, 2019.
2. In the Income-tax Rules, 1962, in the NEW APPENDIX I, in the Table, in PART A relating to
TANGIBLE ASSETS, in item III relating to MACHINERY AND PLANT, -¹Hkkx IIµ[k.M 3(i)] Hkkjr dk jkti=k % vlk/kj.k 3
(a) for sub-item (2) and entries relating thereto, the following shall be substituted, namely:-
Block of Assets Depreciation allowed as per percentage of
written down value
1 2
“(2) (i) Motor cars, other than those used in a business of 15
running them on hire, acquired or put to use on or after
the 1st day of April, 1990 except those covered under
entry (ii);
(ii) Motor cars, other than those used in a business of 30”;
running them on hire, acquired on or after the 23rd day of
August, 2019 but before the 1st day of April, 2020 and is
put to use before the 1st day of April, 2020.
(b) in sub-item (3), for paragraph (ii) and entries relating thereto, the following shall be substituted, namely:-
Block of Assets Depreciation allowed as per percentage of
written down value
1 2
“(ii) (a) Motor buses, motor lorries and motor taxis used 30
in a business of running them on hire other than those
covered under entry (b).
(b) Motor buses, motor lorries and motor taxis used in a
business of running them on hire, acquired 4 5 ” .
on or after the 23rd day of August, 2019 but before the 1st
day of April, 2020 and is put to use before the 1st day of
April, 2020.
[Notification No. 69 /2019/ F.No. 370142/17/2019-TPL]
SAURABH GUPTA, Under Secy. (Tax Policy & Legislation Division)
Explanatory Memorandum: It is certified that no person is being adversely affected by giving retrospective
effect to this notification.
Note : The principal rules were published in the Gazette of India vide notification number S.O. 969(E), dated
the 26th March, 1962 and last amended vide notification number G.S.R. 662(E) dated the
17th September, 2019.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.