CAR INSURANCE- FBT
This query is : Resolved
23 November 2007
Sirs,
My question is-
Whether CAR INSURANCE CHARGES will fall under the category of "Repair, Ruinning and maintanance of Car" for FBT purposes?
It has been argued that since, Insurance is mainly taken for safety of the assets, it has no relation with Repairs, running & maintanance.
My question is-
Whether CAR INSURANCE CHARGES will fall under the category of "Repair, Ruinning and maintanance of Car" for FBT purposes?
It has been argued that since, Insurance is mainly taken for safety of the assets, it has no relation with Repairs, running & maintanance.
23 November 2007
Car Insurance falls under the category "Running of Motor Car" and shall be subject to FBT u/s 115WB (2)(H)
23 November 2007
Let us wait for other opinions too
23 November 2007
Yes.
Running Expenses include Insurance
Please refer Para 3.12-3 of 2005 edition of Taxmann's Guide to Fringe Benefit Tax & Banking Cash Transaction Act
Running Expenses include Insurance
Please refer Para 3.12-3 of 2005 edition of Taxmann's Guide to Fringe Benefit Tax & Banking Cash Transaction Act
23 November 2007
yes running expenses includes insurance expenses. as explain by k. v. shubbb roa's
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Fixe term employment
- Is any professional CA is here please reply
- Putting a heading on received mail
- Gift Received from nonblood relative
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Experts need help
- Section 50-fixed asset-->building ceases to exist
- GST ITC REVERSE
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
