Is FBT is applicable to proprietorship firms also, where provision of section 44AB is applicable?
2 Replies
M.Sriram Shenoy
(CA Final)
(814 Points)
Replied 28 April 2008
FBT is not applicable to sole proprietory concerns even if they are subject to Tax audit. FBT is only for Companies and Partnership firms. FBT is applicable to an Employer who is a
(a) Company
(b) A Firm
(c) An AOP or BOI except registration u/s.12AA or exemptio u/s.10(23C).
(d) A Local Authority
(e) Every artificial juridical person not falling under any of the above clauses.
PRATIK PARAKH
(PRACTISING CHARTERED ACCOUNTAN)
(20 Points)
Replied 11 May 2008
FBT provisions are not applicable to proprietorship concerns
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