FBT

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sampad mohanty (Querist)
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24 September 2009 SIR
A PRATNERSHIP FIRM RUNS A TRAVELS AGENCY AND HAVE 4 CARS. WILL THE FIRM GIVE FBT ON DEP ON CAR AND RUNNINGG EXP?

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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24 September 2009 FBT is abolished

CA SANJAY MUKHERJEE

CA SANJAY MUKHERJEE (Expert)
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24 September 2009 Hi Sampad,

Partnership firm is a employer for the perpose of FBT ( Sec 115W) and was liable for F.Y. 2008-09.

Now Depreciation on car and runnning expenses will be taxable @ 5 % i nase of Travel Agency ( i.e at Concessional rate instead of full rate of 20% )

Cheers
Sanjay

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CA SANJAY MUKHERJEE

CA SANJAY MUKHERJEE (Expert)
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24 September 2009 Hi Sampad,

As our friend CA Devanshi Gandhi rightly mentioned FBT is not applicable for current F.Y 2009-10 i.e. w.e.f 01.04.2009. I presumed your question was related to last financial year i.e 2008-09.

Cheers
sanjay