OUR DIRECTOR/PARTNER TRAVELED OUTSIDE INDIA . WE HAVE EXCHANGED THE RUPEE INTO DOLLAR FROM A PARTY FOR TRAVEL PURPOSE. THE EXCHANGER ISSUED A BILL FOR THIS. WE HAVE PUNCHED THIS EXPENSES AS TRAVELLING EXPENSES.
IS THIS LIABLE FOR FBT?
B KANRAR (SERVICE) (57 Points)
17 February 2009OUR DIRECTOR/PARTNER TRAVELED OUTSIDE INDIA . WE HAVE EXCHANGED THE RUPEE INTO DOLLAR FROM A PARTY FOR TRAVEL PURPOSE. THE EXCHANGER ISSUED A BILL FOR THIS. WE HAVE PUNCHED THIS EXPENSES AS TRAVELLING EXPENSES.
IS THIS LIABLE FOR FBT?
CA. Ashok shah
(CHARTERED ACCOUNTANT)
(333 Points)
Replied 17 February 2009
Yes, it is liable for FBT u/s.115WB (2) (Q). Value of Fringe Benefit shall be 5% in respect of expenses on Tour and Travel (Incl foreign Travel) liable for FBT.
B KANRAR
(SERVICE)
(57 Points)
Replied 18 February 2009
| Originally posted by :CA. ASHOK SHAH | ||
| " | WHY NOT 115WB(2)(F) ? |
" |
CA. Ashok shah
(CHARTERED ACCOUNTANT)
(333 Points)
Replied 18 February 2009
Sec. 115WB (2) (F) is for conveyance expenses liable for FBT.
Jagdish Bhalia
(Practicing CA)
(453 Points)
Replied 18 February 2009
According to section 115WB (2) Travelling include foreign travel also. So the provision of FBT will also apply and the rate of FB will be 5%
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