Section 179 Bonus Depreciation 2024 India.  — section 179 of the income tax act provides tax benefits for businesses that purchase vehicles for use in their operations. To sweeten the deal, businesses can also leverage a 60% bonus depreciation throughout 2024.

 — for vehicles under 6,000 pounds in the tax year 2023, section 179 allows for a maximum deduction of $12,200 and bonus depreciation allows for a maximum of $8,000, for a total maximum deduction on listed property of $20,200. This applies to both new and used equipment.