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fringe Benefit Tax

This query is : Resolved 
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(Querist)
23 May 2008 Respected Sir,
as per income tax act assessee sholuld pay FBT on Depreciation on Cars.
My query is if an assessee has sold car during the year, say in 3rd Quater, then how to calculate FBT on deprecition in that case.
Whether any FBT sholud be paid for 1st & 2nd quarter.

Kindly reply soon.
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CA. Vineet Grover

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CA. Vineet Grover (Expert)
23 May 2008 Hi Amar.

FBT on depreciation is calculated as per Income Tax Act,

There is no depreciation onm assets on the year of sale. hence there would be no FBTY if asset is sold in that particular year.

Any excess payment of FBT shall get adjusted at year end.

Rgds/
Vineet
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R.V.RAO

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R.V.RAO (Expert)
23 May 2008 I AGREE WITH SRI VINEET.
R.V.RAO
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