FBT on depreciation on car
This query is : Resolved
afthab junejo m p
(Querist)
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 !
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 !
CA Anand Sarda
(Expert)
19 June 2008
block method doesnot means to club the assets having same depreciation rate. first we should separate the assets in different blocks like motor cars, vehicles, ... then u should club the 15% block within in each block. like different cars having 15% block. so it will be easy to find out depreciation on motorcars.
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