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FBT

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(Querist)
22 January 2009 A partnership firm incurs Telephone expenses it includes service Tax and also subject to FBT. So, FBT is calculated on Service Tax portion also. Whether it is Tax on Tax??????
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Deepak Agrawal

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Deepak Agrawal (Expert)
22 January 2009 FBT is an expenditure tax. If service tax credit is taken then it will not be consoidered for FBT.

But if service tax amount is debited to expense account, then it will attract FBT
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CA.Tarun Maheshwari

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CA.Tarun Maheshwari (Expert)
23 January 2009 Agreed with Deepak Ji.
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