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?
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Depreciation on FBT
Replies (3)
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
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