fringe benefit tax-Depreciation
This query is : Resolved
26 December 2008
FBT is to be paid on actual expense incurred.Now under the present regime, I need to pay fbt 15days prior to the end of the quarter.
So how do I estimate the expenses?
Also How could I arrive at the depreciation figure.
I m aware that for final calculation of FBT for the year end, depreciation for the year is divided into 4 qtrs to work out interest.
Now How could I get quarterly figure of depreciation for FBT.
So how do I estimate the expenses?
Also How could I arrive at the depreciation figure.
I m aware that for final calculation of FBT for the year end, depreciation for the year is divided into 4 qtrs to work out interest.
Now How could I get quarterly figure of depreciation for FBT.
26 December 2008
The concept of quarter wise splitting of expenses for the purpose of FBT is done away.
From assessment year 2008-09 onwards advance FBT must be calculated at par with the method of calculating advance income tax.
From assessment year 2008-09 onwards advance FBT must be calculated at par with the method of calculating advance income tax.
26 December 2008
Ok.But its not income tax dat we should anticipate our income.Its on actual basis na.
27 December 2008
Divide the annual depreciation into 4 parts.
27 December 2008
Estimate your 15 days expenses as per expenses for the year. or if you have any information about any expense you are going to expend in nect 15 days then also take them into consideration.
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