FBT on foreign travelling for import export purpose
This query is : Resolved
17 September 2009
one of my client having a marble industries and Durng the year he visit Italy for attending a stone fair and also book a stall in fair.
Similarly he went to turky for purchase of raw material.......
IS expenses of Journey, stay and travelling is liable to FBT or exempt because all the expenses is only for business and not personal. He is alone with his consultant no family is involed.
Pls cleare the matter asap.
Thanks
Similarly he went to turky for purchase of raw material.......
IS expenses of Journey, stay and travelling is liable to FBT or exempt because all the expenses is only for business and not personal. He is alone with his consultant no family is involed.
Pls cleare the matter asap.
Thanks
17 September 2009
For F. Y. 2009 - 10 FBT has been abolished. So no FBT w. e. f. 01.04.2009.
For F. Y. 2008 - 09 the above expenses though entirely for business purpose will be liable for FBT under foreign travelling @ 5% * tax rate 33.99%
For F. Y. 2008 - 09 the above expenses though entirely for business purpose will be liable for FBT under foreign travelling @ 5% * tax rate 33.99%
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