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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- Stamp Paper for partnership firm change new income tax 2025
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Regarding TDS Applicability For Director Remuneration
- FORM 26A APPLICABILITY
- SFT Cash Deposit in Current Account
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
