22 July 2008
Any gifts given on the occasion of a festival (say for eg. Diwali) will be treated under "gifts" or "festival expenses" for the purpose of FBT?
22 July 2008
It will be treated as a gift. It is immaterial whether the same is being given on the occasion of some festival or not. Also, expenses incurred otherwise then gifts to celeberate the festival are covered under the head of festival expenses for the purpose of FBT.
CAclubindia
