FBT on Insurance of Car

Ravi (181 Points)

10 May 2007  
Dear Professional Colleague,
Whether FBT would be leviale on Insurance premium of Car?

In my view, it not to be, because insurance is not running & Maintenance Exp. It is incurred for safty measure.

In a taxmann book, it is stated that no FBT on Insurance of car but there is no circular

Hope your reply asap.

Regards,

Ravi