FRINGE BENEFIT TAX
This query is : Resolved
26 May 2008
INSURANCE TAKEN FOR THE EMPLOYEE FROM FEB'08 - JAN'09.FOR CALCULATING FBT CAN WE TAKE THE WHOLE AMOUNT(INCLUDING PREPAID EXPENSES).OR ONLY A PART?
26 May 2008
which one accounting policy you applied if you are taken april to jan 09 as prepaid expencess then also you will liabel in next year
26 May 2008
CIRCULAR NO 8/2005 DT. 29 TH AUG 05 OF CBDT CLARIFIES THAT FBT IS PAYABLE IN THE YEAR IN WHICH THE EXP. IS INCURRED.
SO IF YOU HAVE INCURRED INS. EXP. IN FEB 08 ,YOU NEED TO PAY FBT IN 08 ITSELF.
PREPAID OR OUTSTANDING EXP. IS A MATTER OF ACCOUNTING CONVENTIONS AND HAS NO BEARING ON FBT.
R.V.RAO
SO IF YOU HAVE INCURRED INS. EXP. IN FEB 08 ,YOU NEED TO PAY FBT IN 08 ITSELF.
PREPAID OR OUTSTANDING EXP. IS A MATTER OF ACCOUNTING CONVENTIONS AND HAS NO BEARING ON FBT.
R.V.RAO
27 May 2008
Please let us know what is the nature of insurance.
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
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- 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.
Trending Online Classes
CAclubindia
