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
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