COMPUTATION RELATED TO FBT
This query is : Resolved
30 September 2007
SIR/MADAM,
MY QUERY IS RELATED WITH FBT. QUERY IS THAT WHETHER EXPENSE RELATED TO INSURANCE ON MOTOR CAR IS CONSIDERED UNDER THE CALCULATION OF FBT OR NOT?
SOURABH
MY QUERY IS RELATED WITH FBT. QUERY IS THAT WHETHER EXPENSE RELATED TO INSURANCE ON MOTOR CAR IS CONSIDERED UNDER THE CALCULATION OF FBT OR NOT?
SOURABH
01 October 2007
There is no clarity in this regard. Some authors says that it will come under FBT Net, some others says vice verse. In my point of view that it will not come under FBT Net.
01 October 2007
Hi,
It will come under FBT because its an expense related to the car.
Even the driver salary will be under FBT if accounted separately.
Moreover any interest paid on the car loan will be also subject to FBT.
It will come under FBT because its an expense related to the car.
Even the driver salary will be under FBT if accounted separately.
Moreover any interest paid on the car loan will be also subject to FBT.
01 October 2007
NO, INSURANCE NOT COVERED UNDER FBT, AS IT IS NOT MANDATORY FOR RUNNING & MAINTAINANCE OF CAR
03 October 2007
the section speaks of running and maintanance cost of motor car. I think maintanance expenses includes insurance, roadtax etc., giving vide intrepretation for the word maintanance the insurance cost covers. i suggest you to pay the tax
07 October 2007
dear
sourabh,
the insurance is an expeness which is necessry to run a car/vehcile
so you have to pay the FBT
sourabh,
the insurance is an expeness which is necessry to run a car/vehcile
so you have to pay the FBT
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
- Where to show the RCM on Rent paid to unregistered landlord
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Applicability
- Is Aadhar PAN linking required for opening bank account?
- Legal heir raised refund , but refund issued to the closed account of deceased.
- TDS NUMBER SURRENDER
- Gst Sales of FY 2023-24
- Offsetting interest income against derivative trading losses
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- RCM - commercial rent paid to URP under GST
- Doubt in Form AOC 4
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- 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 Resignation by Auditor from Pvt. Ltd.
- Regarding einvoice taken on nil rated sales
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
