19 June 2008
Whether depreciation on motor car is deemed fringe benefit? If yes, hou can we calculate value of fringe benefit? As per Income Tax Act, depreciation of all fixed assets is to be calulated in block method. And, under block method, we cannot find the depreciation of motor car seperately. Please, any one, give me an answer for this !
19 June 2008
Motor cars are depreciated at 15% Kindly refer the depreciation depreciation schedule properly. Depreciation as per IT act will be considered for valuing Fringe benifits along with other expenses related to car.
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