FBT on Depreciation whether as per IT Act or Company Act ?

Valerian Dsouza (Manager Audit & Taxation)   (413 Points)

13 March 2008  

We are a Private Limited Company have to pay FBT on Depreciation of Motor Car.

Whether Depreciation charged as per Company Act or IT Act is liable for payment of FBT ?

Depreciation is charged annually. Whether we have to divide the same quarterly and pay FBT on the same or the FBT liability is on the last quarter of a financial year ?

Kindly advice me, I shall be very grateful to you.

Regards,

Valerian D'Souza

Manager Accounts