Pavan Jain S
(Chartered Accountant)
(1575 Points)
Replied 13 January 2009
FBT is levied on benefits provided to employees as a whole. However, since it is not practical to maintain separate accounts of expenses on genuine basis, the ACT provides for deeming provision.
But if you can substantiate that the motor car is exclusively used by partners, you can fight back.
Jagadish
(Student)
(368 Points)
Replied 13 January 2009
This will come under Deemed Benefit & hence liable for FBT
CAclubindia
