Whether the depreciation on vehicles which are applicable for FBT is to be calculated on Company's Act depreciation or depreciation as per IT act?
Whether the depreciation on vehicles which are applicable for FBT is to be calculated on Company's Act depreciation or depreciation as per IT act?
FBT is liable on depreciation on vehicles computed as per income tax act and 20% of such depreciation shall be taken into account for the purpose of FBT.
regards,
ratan
Depreciation should be taken as per Income Tax
Depreciation as per Income Tax ACt
Naveen Fintech Pvt Ltd
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CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
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CA Final
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