Dear & Res All
As required by FBT provisions FBT to be charged on Car/Vehicle Depreciation also. So, whether Depreciation is as per Company Act or Depreciation as Per Income Tax.
Menu
FBT
Replies (6)
i think it is the depreciation charged in the books of accounts which might not be the rates prescribed in the IT act.
It is on depreciation as per Income Tax Act
depreciation is to be charged as prescribed in income tax
According to FBT provisions any expenditure disallowed will not be liable to fbt.
By interpreting above statue we can conclude that depreciation allowed as per IT act only but not book or companies act.
FBT is charged on the Depreciation of Car which is computed as per the rates prescribed under Income Tax Act.
Recent Topic
- Mismatch of pincode and district while registering
- Total income less than 12 lakhs but after processi
- Is Getsvision Solutions right for SMTP bulk email
- Queries on Stock/ETF gifting.
- Adding bank account for the deceased for ITR refun
- SALE OF EQUITY ON THE LAST DAY OF THE FY 2024-25 N
- Which ITR form
- Form 103 id delayed for submission for more than 1
- Composition scheme
- Input tax credit under igst under insurance compan
Related Topics
CAclubindia
