CHARGABILITY OF FBT
This query is : Resolved
28 January 2008
AS PER INCOME TAX ACT, TAX CAN ONLY BE LEVIED ON INCOME. AS PER DEFINATION OF INCOME, WHATEVER FBT IS CHARGED ON EXPENSES IS NOT COVERED THEN CHARGABILITY IS VALID OR NOT ?
PLEASE GIVE ME ANSEWER.
PLEASE GIVE ME ANSEWER.
28 January 2008
FBT is different from Income tax and is a valid charge on expenses
28 January 2008
FBT IS LEVIED UNDER INCOME TAX ? ISN'T IT ?
28 January 2008
Even though FBT is Charged under Income tax Act on Expenses, Our FM's view is that it's an indirect evasion of tax. Eg: Reimbursements will not be taxed in E'ees hands & E'er's hands. To avoid that FBT was introduced. Moreover, It's copied from Foreign Laws as similar to other laws.
It's chargeability is valid if you consider FM's contention.
It's chargeability is valid if you consider FM's contention.
28 January 2008
fbt is preesumptive tax just like expenditure tax so it is applicable to all assesses except indivudal huf and specified assesses u/s 115w(b) it is taxable
28 January 2008
because its charge created in the enactment which is part of Income tax act at present, its a valid & legal taxation.
28 January 2008
Several petitions have been filed before various HIgh courts challenging the constitutional validity of FBT. As far as I know the Hon'ble Kolkata High Court has even granted stay on FBT in the case of SREI.A final decision of the apex court is still awaited.
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
- DELIVERY GOLD & SILVER AND OTHER ETF TRADING PROFIT AS BUSINESS INCOME
- GSTR-1A How to update Invoice
- Excess salary payment.
- 3cd- cash system of accounting is allowed?
- Provision for loans that are under Revenue Recovery
- APPLICABILITYOF GST ON STUDENT HOSTEL FEES
- Form 121-contradictory opinions
- TDS on Purchase of Immovable Property by NRI from NRI
- Is Personal Guarantee of Director is Compulsory in case of loan to company ??
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
