Whether the depreciation on vehicles which are applicable for FBT is to be calculated on Company's Act depreciation or depreciation as per IT act?
CA PRAMESH AGARWAL (Profession) (152 Points)
22 September 2009Whether the depreciation on vehicles which are applicable for FBT is to be calculated on Company's Act depreciation or depreciation as per IT act?
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 22 September 2009
FBT is liable on depreciation on vehicles computed as per income tax act and 20% of such depreciation shall be taken into account for the purpose of FBT.
regards,
ratan
Krutesh Patel
(ACA)
(727 Points)
Replied 22 September 2009
Depreciation should be taken as per Income Tax
Live class on PF & ESI Enrollment & Returns Filing(with recording)
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