CAR INSURANCE- FBT
This query is : Resolved
23 November 2007
Sirs,
My question is-
Whether CAR INSURANCE CHARGES will fall under the category of "Repair, Ruinning and maintanance of Car" for FBT purposes?
It has been argued that since, Insurance is mainly taken for safety of the assets, it has no relation with Repairs, running & maintanance.
My question is-
Whether CAR INSURANCE CHARGES will fall under the category of "Repair, Ruinning and maintanance of Car" for FBT purposes?
It has been argued that since, Insurance is mainly taken for safety of the assets, it has no relation with Repairs, running & maintanance.
23 November 2007
Car Insurance falls under the category "Running of Motor Car" and shall be subject to FBT u/s 115WB (2)(H)
23 November 2007
Let us wait for other opinions too
23 November 2007
Yes.
Running Expenses include Insurance
Please refer Para 3.12-3 of 2005 edition of Taxmann's Guide to Fringe Benefit Tax & Banking Cash Transaction Act
Running Expenses include Insurance
Please refer Para 3.12-3 of 2005 edition of Taxmann's Guide to Fringe Benefit Tax & Banking Cash Transaction Act
23 November 2007
yes running expenses includes insurance expenses. as explain by k. v. shubbb roa's
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