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FBT

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(Querist)
28 March 2009 Which heads can taken for FBT. What its rate and its a/c entries.
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CA J M Pattanayak

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CA J M Pattanayak (Expert)
28 March 2009 The following heads are taken for FBT.
a. conveyance
b. Travelling
c. Expenses related to Motor car including Depreciation
d. Telephone expenses
e Staff welfare
f. Gift
g. Festival celebration
h. Club Expense


Fringe benefit is calculated as a percentage of expenses. Like for a-e Fringe benefit is 20% of the expenses. and f-h is only 50%.

On fringe benefit the tax rate is applied to find out the FBT.
For example Tel exp of a Private company is 10,000
Fringe benefit is 10,000*20%=2000
FBT = 2000*33.66% =673
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Gopal Sahani

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Gopal Sahani (Querist)
01 April 2009 Please mentoin wheather 33.66% is FBT rate . Are all heads charged on the above rate i.e A to E.
Also mention the account entry for the FBT.

Thanking you
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