Dear Sir
We are paying Rs.3000/- to our 4 employees against reimbursement of petrol expenses. It is a part of their salary. Before this budget we paid FBT on the same, but after the budget FBT is abolished. Then my query is that now we are not paying FBT on it, then is that reimbursement is taxable in the hands of employee? We need to deduct a TDS on it or not?
All employees are submitting petrol expense bills for reibursement every month.
Regards
Anil
During the previous year March 31,2009,Mohan a salaried employee(age 40 years)received Rs 3,00,000as Basic Salary and Rs 20,000as arrears of bonus of the Financial Year 1994-95.During the Previous Year 1994-95,Mohan has received Rs 50,000 as Salary. Mohan deposits Rs 2000(during 1995-94)and Rs 10,000(during 2008-09)in Provident Fund
Pls give me solution regarding this.
THANKS®ARDS.
GIRISH
We had paid rent to Individual during the FY 2008-09 which was below 1,20,000, so we have not deducted any TDS, now we have to pay arrears of Rent for that FY during the current financial year, if we pay arrears it would increase the limit of Rs. 1,20,000/- Whether TDS is to Deducted on Arrears amount only or total amount we had paid during the FY 2008-09 from the arrears
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If a Company is a Section 10B Company (STPI Comapny) covered under MAT Section i.e. Sec 115JB, liable to Pay Tax @ 10.30% on it's Profits.
At what Rate should the Calculation of Interest u/s 234 C be done for Qualifying Amount on which Interest is to be Calculated.
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Mohit
I am a broker between manufacturer & buyer for certain restricted item, wherein the transportation cost is to be borne by me but the Invoice is raised in the name of the Consignee. The transportation charges are payable in CASH only.
Niether the manufacturer, buyer or transporter is ready to enter into a written agreement of any sort.
The commission is paid by the manufacturer through a/c payee cheque.
How should i record transportation cost in my books?
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
FBT on petrol expenses