calculation of fb value
This query is : Resolved
12 June 2008
Respected Members,
One of the client incurred foreing exps on travelling which includes both Hotels & Food exps. also.
However the client charging all exps. to Travelling exps. foreign a/c only. Due to that FB value calculated 5% on total exps.
Whether treatment is correct as per the Accounting and Income tax? Please reply the soon.
Regards,
Prabhakar
One of the client incurred foreing exps on travelling which includes both Hotels & Food exps. also.
However the client charging all exps. to Travelling exps. foreign a/c only. Due to that FB value calculated 5% on total exps.
Whether treatment is correct as per the Accounting and Income tax? Please reply the soon.
Regards,
Prabhakar
13 June 2008
The treatment is not correct because on Hotel, boarding & lodging FB Value rate is 20% unless this falls under specified category like software, etc where rate is 5%
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