FBT ON PETROL EXPS. REIMBURSMENT
This query is : Resolved
01 December 2007
WHETHER FBT IS APPLICABLE ON REIMBURSMENT OF PETORL EXPS. TO EMPLOYEES?
AND SPECIFY WHETHER ANSWER WILL DEPEND UPON PETROL USED FOR CAR OR SCOOTER/BIKES
AND SPECIFY WHETHER ANSWER WILL DEPEND UPON PETROL USED FOR CAR OR SCOOTER/BIKES
01 December 2007
please reply soon
02 December 2007
Dear Sir/Madam
Whether reimbursement of fuel cost is in relation to Car or Bike does not change the position. As long as it is paid to employee it is FBTable (@ 6.732% effectively (20% on 33.66%).
If the same is accounted under Salary payments, you know very well, employee bears normal IT thereon and no FBT liability arises.
Whether reimbursement of fuel cost is in relation to Car or Bike does not change the position. As long as it is paid to employee it is FBTable (@ 6.732% effectively (20% on 33.66%).
If the same is accounted under Salary payments, you know very well, employee bears normal IT thereon and no FBT liability arises.
03 December 2007
Only petrol for car is covered under FBT. No clear guidance on petrol for scooter or bike. As per recent notification on valuation of perquisites, residuary reimbursement such as petrol for bike and scooters, which are not covered under FBT would be taxable in the hands of employee as salary. Valuation at "arms length price".
03 December 2007
can any one provide me this notification
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
- 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
- TDS Challan Code
- Rent lease agreement
- Relief u/s Section 89
- 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
