Applicability of FBT
This query is : Resolved
05 May 2008
My Employer is a Public Ltd. company enagaged in pre-construction stage activity to set up a power plant. An opinoin was taken from the consultant on the issue of applicability of FBT. It has advised that company is doing activity of construction stage, and no business activity is being done. hnce, Company would not be liable to pay FBT.
Kindly advice , whether we are liable for FBT or not.
Kindly advice , whether we are liable for FBT or not.
05 May 2008
According to FBT will be applicable as there would be the existance of an employee employer relationship.
05 May 2008
THE BASIS OF FBT IS EMPLOYER AND EMPLOYEE RELATIONSHIP. IF THERE IS NO EMPLOYEE, THERE IS NO FBT.
WHEN THERE IS EVEN ONE EMPLYEE ,AND ANY DIRECT OR INDIRECT BENEFIT PROVIDED UNDER SEC 115W,ATTRACTS FBT.
EVEN IF THERE IS NO INCOME CHARGEABLE TO TAX, FOR THE CO. STILL FBT IS PAYABLE.
R.V.RAO
WHEN THERE IS EVEN ONE EMPLYEE ,AND ANY DIRECT OR INDIRECT BENEFIT PROVIDED UNDER SEC 115W,ATTRACTS FBT.
EVEN IF THERE IS NO INCOME CHARGEABLE TO TAX, FOR THE CO. STILL FBT IS PAYABLE.
R.V.RAO
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- GST ON EXPORT COMMISSION
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
