We are a software company. our staff use to travel abroad as per our client's requirements. Subsequently they make the reimbursement of travel exp actually authorised by them.
So at the end of the year we have only few foreign travel exp left in this ledger as most of them are being reimbursed & hence foreign travel exp in our PL is shown as net figure.
Can u clarify, while calculating FBT whether we should take the gross or net foreign travel expenses ?
11 December 2008
Conveyance, Tour and Travel - 115WB(2)(F)/(o) - includes Travelling expenditure/ conveyance expenditure / tour or travel expenditure incurred in resoect of a project assigned by a client which is later on reimbursed by the client.
You are covered by the above, so should pay FBT on the Gross Amount.
CAclubindia
