FBT on prepaid expenses
This query is : Resolved
Ravi Kumar Rajgaria
(Querist)
10 March 2009
Car Insurance paid on 01.02.2009 RS. 12000/-. Thus in the FY 2008-2009 a sum of 2000/- booked as insurance exps and balance Rs. 10000/- transferred to prepaid Expenses.
Pls confirm that FBT will be payable on Rs. 2000/- or Rs. 12000/-?
Pls confirm that FBT will be payable on Rs. 2000/- or Rs. 12000/-?
CA. MITHUN KHATRY
(Expert)
10 March 2009
12000 because FBT in tax on expenses incurred i.e. not accrued
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