FADA urges FM to introduce vehicle depreciation benefits for individuals

Ahead of the upcoming Union Budget, the Federation of Automobile Dealers Associations (FADA) on Wednesday urged Finance Minister Nirmala Sitharaman to introduce benefits of claiming depreciation on vehicles for income tax-paying individuals and extend the depreciation period for corporates. In its budget recommendations, FADA also said auto dealers should be kept out of annual TCS (tax collected at source) of 0.1 per cent saying it is a huge financial burden on the automobile retail industr y. "The Budget should be focused on measures to revive the Indian economy from the pandemic slowdown and boost consumption led demand," FADA President Vinkesh Gulati said in a statement.