FBT on Expenses being Capitalised
This query is : Resolved
16 October 2007
What is the status of applicability of FBT on staff related expenses incurred during construction period . Company engaged in construction of Mall is capitalising entire expenses till the final completion of Mall.
In case FBT is leviable how the same is to be reflected in accounts. Whether to capitalise it or to be shown as pre operation expense .
In case FBT is leviable how the same is to be reflected in accounts. Whether to capitalise it or to be shown as pre operation expense .
16 October 2007
FBT is Levied on all expenses which are liable to FBT irrespective of whether they are capitalised or charged as revenue.Income tax act does not makes any distinction between capital & revenue on this matter.
17 October 2007
FBT is applicable on all the Expenses paid to the Employee irrespective for Capital or Revenue
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