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.
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FBT
Replies (6)
Hi Jayesh,
Unless other provided it should be as per IT law, if the act intends to adopt dep. as per company law then it would provide for it such as 115JB where it states to use book dep. and not IT dep.
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.
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