FBT Rates and Surcharge

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anandh raghavan (Querist)
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02 October 2008 Hi,I wanted to know whether there is surcharge applicable for the assessee whose income has not crossed the specified limit?

Reetika Goel

Reetika Goel (Expert)
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02 October 2008 For FBT Tax shall be calculated at the rate of 30% plus surcharge plus education cess plus higher & Secondary cess irrespective of the income of the assessee.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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02 October 2008 You have to explain the status of assessee and what is the specific limit you are referring to.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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02 October 2008 If the question is regarding FBT rate, Ms.Reetika's view is correct.

Venkat Rao Marella

Venkat Rao Marella (Expert)
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02 October 2008 FBT is leviable on specific expenses. It has nothing to do with Income of the Assessee.
FBT is always leviable @ 30% as increased by Sc of 10% & Hec of 3%

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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02 October 2008 See the heading of the question is FBT, but questionrefers to income!Before answer
is given the question is clarified.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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02 October 2008 Pardon me.I withdraw from my answer.