fringe Benefit Tax
This query is : Resolved
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.
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.
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
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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