FBT On expenses for partners
This query is : Resolved
29 June 2009
Sec 115wb(2) deems expenses provided to employees, than travelling expenses expensed for partner will be chargable to FBT
29 June 2009
Yes. FBT is charged on expenses incurred overall for group of employees and cannot be charged to single employee. If partner incurs travelling expenses FOR FIRM, then FBT will be charged, otherwise it will be debited to his capital account and no FBT will be levied.
29 June 2009
FBT is presumptive tax.
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