If an employee incurred some expenses regarding travel out ot the city and within city for office purpose and the same has been claimed. Will the same expenses attract FBT, if so what is the rate?
reshu agarwal
(practice)
(22 Points)
Replied 22 January 2009
no it will not attract FBT because it is the reimbursement by the employer which do not attract FBT
Jagdish Bhalia
(Practicing CA)
(453 Points)
Replied 22 January 2009
Yes. As per section 115WB(2)(F) all tour and travel expenses though incurred by the employee for official purposes shall be a deemed F.B. The value of such F.B. shall be 5% of such expenses.
Sripada M
(CA)
(365 Points)
Replied 23 January 2009
Yes, FBT is applicable...!!!
For Conveyance -20%
For Tours and Travels(including Foreign travel) - 5%
Ashish M
(Chartered Accountant)
(2731 Points)
Replied 23 January 2009
yes ...........Mr. Sripada M is right...............
Jitender
(Chartered Accountant)
(8724 Points)
Replied 24 January 2009
fbt is applicable and value will be :-
conveance (within city) 20%
travelling (outside city) 5%
sumeetjeswani
(student)
(73 Points)
Replied 29 January 2009
Yes. As per section 115WB(2)(F) all tour and travel expenses though incurred by the employee for official purposes shall be a deemed F.B. The value of such F.B. shall be 5% of such expenses.
umamaheswar
(Executive Accountant)
(27 Points)
Replied 30 January 2009
| Originally posted by :Viswamohan | ||
| " | If an employee incurred some expenses regarding travel out ot the city and within city for office purpose and the same has been claimed. Will the same expenses attract FBT, if so what is the rate? | " |
CA. Dashrath Maheshwari
(TaXpert)
(15103 Points)
Replied 16 February 2009
FBT applicable as follows:
Conveyance (within city) 20%
Travelling (outside city) 5%
Subject to conditions
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
