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
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.
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
CAclubindia
