15 October 2007
sir/mam, My query is related to fbt. I want to ask that whether insurance paid on car is chargeable to fbt or not. please solve my problem and oblige.
16 October 2007
Expenditure on running of Motor car including fuel(i.e expenditure on petrol,diesel,engine oil,tyre and tubes,Insurance,Road tax )will be the value of fringe Benefits which will be the tax at the rate of 30% (+SC+EC+SHEC).
16 October 2007
Yes ,as per the provision of FBT act any expense incured on ruuning of motor car will be treated as Fringe benefit, Insurance premium paid on motor car is also an operating expense hence FBT is patyable @ 30% +EX+SHEC
CAclubindia
