Please let me know the fees paid for the conference conducted by the institute (ICAI) will come under the FBT net.
Answer with reference... please urgent.....
6 Replies
narinder
(C.A.)
(38 Points)
Replied 12 December 2008
hi
we are clearing & forwarding agent
we raise invoices for our services
later on we want to give discount on these services charges without effectng the amount invoiced earlier , can we give the amount as business promotion how the privision of FBT will be apllicable
pl suggest
CA. Yogesh Malpani
(Chartered Accountant)
(216 Points)
Replied 12 December 2008
sales discount is not coming under the ambit of FBT. so no need to classify it in promotion expenses
CA. Yogesh Malpani
(Chartered Accountant)
(216 Points)
Replied 12 December 2008
conference excluding fee for participation by the employees in any conference;
if u are indivisual then fbt is not applicable to u and if u have a firm in which employee of ur firm attend the conference then u are not liable to fbt for more clarification refer circular on question and answer by finance minister
S.P.Mahanta
(Internal Auditor)
(647 Points)
Replied 12 December 2008
Whether recoveries on telephone exp: from employees is to be deducted from total telephone exp: paid to authorities for calculation of FBT. For example total telephone exp: paid is Rs 100000, recoveries made from employees is Rs. 20000, whether, FBT payable on Rs. 100000 ? or on Rs. 80000 ?
CA. Yogesh Malpani
(Chartered Accountant)
(216 Points)
Replied 12 December 2008
80000 since the benefit provided is only 80000 not 100000.
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