12 November 2008
Good Eve my professional colleagues, I want to know the definition of Motor Car in Fringe Benefit Tax, if it is available where can i get it.
Also what are the steps to be taken if FBT not paid relates to AY 2006-07, if penalty payable at what rate for how many days
12 November 2008
Definition of Motor Car for the purpose of FBT is not defined. However FAQ states that Jeeps are to be excluded.
You can file a revised return including FBT liability and also pay self assessment tax immediately along with interest under Sec. 234B and 234C of the Income tax Act. Rate is 12% p.a.
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