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CAR INSURANCE- FBT

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(Querist)
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.
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CA. Vineet Grover

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CA. Vineet Grover (Expert)
23 November 2007 Car Insurance falls under the category "Running of Motor Car" and shall be subject to FBT u/s 115WB (2)(H)
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CA. O.P. Agarwalla

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CA. O.P. Agarwalla (Querist)
23 November 2007 Let us wait for other opinions too
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K V Subba Rao

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K V Subba Rao (Expert)
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
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Prakash

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Prakash (Expert)
23 November 2007 yes running expenses includes insurance expenses. as explain by k. v. shubbb roa's
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