AS per the IT act, small contractors i.e turnover bellow 40 Lakhs, can pay the tax on profit of 8% on turnover. Moreover, if he choose that option, he need not be mantain any books of accounts.
If that contractor is partner ship firm, less than 40 lakhs T.O, he is [b]not maintaining any books as he chooses the presumptive tax option, how can he arrive the fringe benfit to employees? on those situations, whether he should be pay the FBT / Not?
hi dear
wel fbt wll be payable by the firm irrespective of the fact whether the firm is maintaining the books of accounts or not.
this is my opinion n other opinion are also welcomed
CAclubindia
