Yes, FBT is payable on depreciation calculated as per Income tax Rules.
FBT on Depreciation whether as per IT Act or Company Act ?
Page no : 2
RAJU
(LEARNER)
(1089 Points)
Replied 10 December 2008
Dear All,
Section 115WB(2) speaks of liability to FBT on the expenses incurred for the purposes .............................. Since the depreciation as per IT Act is an deduction and not an expenditure, why can't I take a stand that the depreciation provided in books is the expenditure for the assessee and accordingly FBT also to be paid book depreciation.
Circular/clarification of CBDT, I believe, is binding on the officers of the ITD and not the assessees.
Let me your views on the matter.
Rgds/Dharmaraju
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