FBT & INCOME TAX
This query is : Resolved
24 August 2007
impact of FBT on interest on car loan. does it fall within the scope of "Repair & Maintanence"
mr.X, a partnership firm engaged in the business of rice mill. during the financial year it rented out its mill (owing to loss).whether the rent income will be Income from other source oR Income from PGBP"
mr.X, a partnership firm engaged in the business of rice mill. during the financial year it rented out its mill (owing to loss).whether the rent income will be Income from other source oR Income from PGBP"
24 August 2007
yes interest in loan for motor car will fall under repair maintenance & running exp. & fall under FBT.
24 August 2007
His core business is rice , clearly rent will come under other income in my opinion.
25 August 2007
Mr Raj is incorrect in stating that the interest amount shall come under the FBT provisions. A close reading of sec 115WB(2)(H) would suggest that the interest due or paid on car loan is not liable to FBT.
I am totally not sure about the answer to ur second question but, irrespective of the different heads its taxability remains the same and hence there is no loss to the revenus and there would be no objection to anybody.
I am totally not sure about the answer to ur second question but, irrespective of the different heads its taxability remains the same and hence there is no loss to the revenus and there would be no objection to anybody.
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
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Liable to deduct tds and 44ADA
- TDS Challan Code
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- If there is Long term capital gain exists how much total income to be considered
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- 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
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
