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.
praveen
(Chartered Accountant)
(6971 Points)
Replied 14 July 2009
i think it is the depreciation charged in the books of accounts which might not be the rates prescribed in the IT act.
CA Vinay Saraf
(CA)
(148 Points)
Replied 14 July 2009
depreciation is to be charged as prescribed in income tax
SURESH VANKADARU
(EMPLOYEE)
(34 Points)
Replied 18 July 2009
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.
Abhishek Mohta
(ACON)
(508 Points)
Replied 20 July 2009
FBT is charged on the Depreciation of Car which is computed as per the rates prescribed under Income Tax Act.
CAclubindia
