FBT on conveyence
This query is : Resolved
Rati Samel
(Querist)
02 August 2008
IS FBT payable on conveyence reimbursed by employer to employee for reaching office from residence and back
02 August 2008
Yes
CA.Tarun Maheshwari
(Expert)
02 August 2008
Yes, at the rate of 30% plus surcharge plus Ed. Cess on 20% value of the total conveyance paid.
CA Abhishek Tyagi
(Expert)
03 August 2008
It should be only upto Rs.800/- permonth. Over & above that amount there is no fbt liability as that much of amount is taxable in the hands of the employee.
CA.Tarun Maheshwari
(Expert)
03 August 2008
Dear Abhishek, in my knowledge, it is transport allownace which is exempt upto Rs. 800. Rati had asked for Conveyance reimbursement, and not about the Allownace. Conveyance reimbursement is fully tax free in hands of employee if incurred for official purpose and hence, covered in FBT. If it is wrong, then please clarify me in this regard.
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