FBT IN CASE OF TRAVEL COMPANIES!!!!!!!!!!!!!!!!!!
This query is : Resolved
10 October 2007
WHAT ARE THE FBT PROVISIONS APPLICABLE IN CASE OF A TRAVEL AGENCY???????????? WHAT ABOUT THE FUEL EXPENSES? VEHICLEMAINTENANCE? IS THERE NO WAY TO ESCAPE FROM FBT????/
10 October 2007
Where the employer is engaged in the carriage of passengers or goods by motor car, a lower rate of 5% of expenses on repair, running (including fuel) and maintenance of motor cars and depreciation thereon has been specified;
10 October 2007
CAN WE DO ANY KIND OF TAX PLANNING IN THAT CASE OR NO? BECAUSE IN CASE OF A TRAVEL AGENCY ALL THERE EXPENSAES ARE LIABLE.
10 October 2007
Obviously. There is no Tax planning. Eventhough the entity getting loss they will liable for FBT
10 October 2007
Hi Sindhu,
AS PER SEC 115WB(2)(H) ANY EXPENDITURE INCURRED BY AN EMPLOYER FOR REPAIR, RUNNING(INCLUDING FUEL) MAINTAINANCE OF MOTOR CARS AND DEPRECIATION THEREON IS LIABLE TO FBT WHETHER IT IS IN THE COURSE OF HIS BUSINESS(WHETHER OR NOT IT IS CARRIED ON WITH AN INTENTION OF DERIVING PROFITS) AND WHETHER OR NOT ITS PROVIDED TO HIS EMPLOYEES AS THIS IS A DEEMING SECTION AND SPECIFICALLY NAMES THESE ACTIVITIES AS CHARGEABLE
AS PER SEC 115WB(2)(H) ANY EXPENDITURE INCURRED BY AN EMPLOYER FOR REPAIR, RUNNING(INCLUDING FUEL) MAINTAINANCE OF MOTOR CARS AND DEPRECIATION THEREON IS LIABLE TO FBT WHETHER IT IS IN THE COURSE OF HIS BUSINESS(WHETHER OR NOT IT IS CARRIED ON WITH AN INTENTION OF DERIVING PROFITS) AND WHETHER OR NOT ITS PROVIDED TO HIS EMPLOYEES AS THIS IS A DEEMING SECTION AND SPECIFICALLY NAMES THESE ACTIVITIES AS CHARGEABLE
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
- ADVANCE PAYMENT OF ADVOCATE
- Depreciation of fixed assets- coop housing society in mumbai
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- TDS on Consultancy- Non DTAA
- CREDIT NOTES WITHOUT GST
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- TDS Return Q1 FY 2026-27
- Management System (IMS)
- Condonation . E-Verification of last year return .
- Eway bill generation from place other than registeted
- 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
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
