My query relates to FBT.
If company incurrs any expenditure on Conveyance of customer will it be liable to FBT.
5 Replies
puran
(Finance Officer)
(48 Points)
Replied 22 October 2007
Dear Rahul
I believe I should it be subject to TDS as the company is definitely going to take benefit of that expenditure incurred on customer conveyance in the profit and loss a/c.
Regargs
Puran
CA. Dashrath Maheshwari
(TaXpert)
(15103 Points)
Replied 23 October 2007
Mr. Puran,, plz clearly explain wht u wanna explain?? you may use hindi instead
(Guest)
FBT is in addition of Income tax . it is a presumption Tax . so there is provison of Deemed FBT whether incurred for the purpose of employee or business .all such expenditure shall liable to pay FBT of certain rates define by the ACT . so conveyance exps incurred for the purpose of Customer is also covered in the Perview of Deemed FBT. hence liable to Pay FBT.
Gurmet Siingh
(Chartered Accountant)
(413 Points)
Replied 23 October 2007
It is subject to FBT @ 20% for companies,firm.
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