What is the FBT liability on Car Lease from an authorised third party for an Employee?
5 Replies
Raghava Ravi Kiran V
(84 Points)
Replied 20 August 2008
FBT on Lease Car is 6.7980%. It is covered in Sec 115WB(2)(H)
C V RATNAM DHAVEJI
(CHARTERED ACCOUNTANT)
(56 Points)
Replied 20 August 2008
| Originally posted by :Mathan | ||
| " | What is the FBT liability on Car Lease from an authorised third party for an Employee? |
" |
Car lease amount would be treated as expense on conveyance, tour and travel. This is clarified vide Q.No.82 in Circular No. 8 of 2005 dt. 29.08.2005. Accordingly the FB value would be taken as 20% (5% in the case of certain catetory of employers like those engaged in construction, software development, pharmaceuticals.
Kamal
(Service)
(20 Points)
Replied 22 August 2008
| Originally posted by :Raghava Ravi Kiran V | ||
| " | FBT on Lease Car is 6.7980%. It is covered in Sec 115WB(2)(H) | " |
how is this calculated ?
Amit Sureka
(Finance Manager-India)
(251 Points)
Replied 17 September 2008
20 % of actual expenses and then 33.99% tax.
20*33.99%=6.798
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