10 March 2009
u/s 115 W(a) FBT is applicable on all Persons except following 1 Individual 2 HUF 3 Person Whose income is exempt u/s 10(23C) or 12AA 4 Political Party u/s 29A 5 Government Cos. (both State or Central) in your case if School is formed u/s 10(23)then no FBT liable else you have to pay FBT
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