FBT IN CASE OF TRAVEL COMPANIES!!!!!!!!!!!!!!!!!!
This query is : Resolved
10 October 2007
WHAT ARE THE FBT PROVISIONS APPLICABLE IN CASE OF A TRAVEL AGENCY???????????? WHAT ABOUT THE FUEL EXPENSES? VEHICLEMAINTENANCE? IS THERE NO WAY TO ESCAPE FROM FBT????/
10 October 2007
Where the employer is engaged in the carriage of passengers or goods by motor car, a lower rate of 5% of expenses on repair, running (including fuel) and maintenance of motor cars and depreciation thereon has been specified;
10 October 2007
CAN WE DO ANY KIND OF TAX PLANNING IN THAT CASE OR NO? BECAUSE IN CASE OF A TRAVEL AGENCY ALL THERE EXPENSAES ARE LIABLE.
10 October 2007
Obviously. There is no Tax planning. Eventhough the entity getting loss they will liable for FBT
10 October 2007
Hi Sindhu,
AS PER SEC 115WB(2)(H) ANY EXPENDITURE INCURRED BY AN EMPLOYER FOR REPAIR, RUNNING(INCLUDING FUEL) MAINTAINANCE OF MOTOR CARS AND DEPRECIATION THEREON IS LIABLE TO FBT WHETHER IT IS IN THE COURSE OF HIS BUSINESS(WHETHER OR NOT IT IS CARRIED ON WITH AN INTENTION OF DERIVING PROFITS) AND WHETHER OR NOT ITS PROVIDED TO HIS EMPLOYEES AS THIS IS A DEEMING SECTION AND SPECIFICALLY NAMES THESE ACTIVITIES AS CHARGEABLE
AS PER SEC 115WB(2)(H) ANY EXPENDITURE INCURRED BY AN EMPLOYER FOR REPAIR, RUNNING(INCLUDING FUEL) MAINTAINANCE OF MOTOR CARS AND DEPRECIATION THEREON IS LIABLE TO FBT WHETHER IT IS IN THE COURSE OF HIS BUSINESS(WHETHER OR NOT IT IS CARRIED ON WITH AN INTENTION OF DERIVING PROFITS) AND WHETHER OR NOT ITS PROVIDED TO HIS EMPLOYEES AS THIS IS A DEEMING SECTION AND SPECIFICALLY NAMES THESE ACTIVITIES AS CHARGEABLE
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