Depreciation on Vehicle -Fringe Benefit Tax
This query is : Resolved
13 March 2009
We are a pvt Ltd co.
We have purchased an old vehicle for Rs.3.50 Lacs on 29.03.08.
We are charging dep @ 25.89% for Financial Records.
What should be the rate of Depreciaion for FBT purpose?, Whether it should be the rate as per Income Tax Act or the same as charged in financial records?. Please help.
We have purchased an old vehicle for Rs.3.50 Lacs on 29.03.08.
We are charging dep @ 25.89% for Financial Records.
What should be the rate of Depreciaion for FBT purpose?, Whether it should be the rate as per Income Tax Act or the same as charged in financial records?. Please help.
13 March 2009
Depreciation as per Income tax Act,1961 is to be considered for FBT purposes. Pl refer question 83 of CBDT circular 8/2005 dt 29/8/2005.
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13 March 2009
as per Income tax Act
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