Fringe Benefit tax
This query is : Resolved
14 March 2008
Whether travelling expenses for purchase of machinery which are capitalised along with the cost of machinery are liable to FBT in light of answers to Q.19 and Q.89 of CIRCULAR NO. 8/2005 of CBDT.
14 March 2008
Please answer this question
14 March 2008
FBT liability will arise on items listed u/s 115WB not withstanding whether the expenditure is capitalised or not
14 March 2008
FBT liability will arise on items listed u/s 115WB not withstanding whether the expenditure is capitalised or not
15 March 2008
Please justify your answer.
15 March 2008
YES THE AMOUNT PAID FOR TRAVELLING SHALL BE CHARGEABLE UNDER FBT EVEN IF SUCH EXPENDITURE IS CAPITALISED
15 March 2008
But Q.89 of CIRCULAR NO. 8/2005 of CBDT says that the proximate objective is to acquire an asset and hence it should not be liable to FBT.
15 March 2008
U/S 115WB(2) is not liable for FBT for capital expenditure (except depreciaiton on motor cars or aircrafts )because the proximate purpose thereof is to acquire capital asset.
25 September 2008
I THINK SOME AMMENDMENTS HAVE COME REGARDING THIS. IF YES PLEASE PROVIDE INPUT AS SAME IS REQUIRED URGENTLY.
05 April 2012
FBT has been abolished. So this query is not relevant any more. Accordingly closed.
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