FBT Calculation
This query is : Resolved
04 June 2008
Hi,
I am passing my expense entry as follows.
e.g telephone exp
Telephone Exp Dr.
Service Tax Dr.
To MTNL
Now while making FBT calculation if i take whole telephone bill amount it means i am paying FBT even on Service Tax and it will be like double taxation.
Please suggest what is a proper way.
Wheather to take telephone bill excluding serv. tax or including service tax for FBT calculations
Vivek
Thanks
I am passing my expense entry as follows.
e.g telephone exp
Telephone Exp Dr.
Service Tax Dr.
To MTNL
Now while making FBT calculation if i take whole telephone bill amount it means i am paying FBT even on Service Tax and it will be like double taxation.
Please suggest what is a proper way.
Wheather to take telephone bill excluding serv. tax or including service tax for FBT calculations
Vivek
Thanks
04 June 2008
Since the provisions are not clear whether to exclude service tax element in Telephone etc., it is better to pay FBT on total amount. If you are not eligible for Cenvat credit obviously you have to pay on total amount.
04 June 2008
if credit is taken then amount debited to telephone a/c only will be charged to fbt.
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