FBT on Prior Period Items
This query is : Resolved
Aakhri Pasta
(Querist)
12 March 2009
The FBT is payable on the bsis of incurrence irrespective of the nature of expense. So in this regard can we say that FBT is also payable in respect of prior perid expenses such as telephone, electricity expenses??
CA Tilak Raj Sharma
(Expert)
12 March 2009
FBT is chargeable on Telephone not on electricity.
For the chargeability of FBT, please see section 115WB.
For the chargeability of FBT, please see section 115WB.
Aakhri Pasta
(Querist)
13 March 2009
Please ignore the electricity part, and clarify on the part that whether FBT is payable on the prior period expenses or not?
Aakhri Pasta
(Querist)
14 March 2009
FBT is applicable on prior period items too.
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