FBT ON PRIZE
This query is : Resolved
23 March 2009
WE HAVE GIVEN 1ST,2ND&3RD PRIZE WITH CASH TO OUR DISTRIBUTOR FOR MOST SELLING OUR PRODUCT(THIS NOT INCENTIVE). CAN U TELL ME, FBT APPLICABLE ON THIS IF YES WHICH SECTION ?
CA SIDDHARTH MEHRA
(Expert)
23 March 2009
This prize shall unequivocally qualify to be a gift, as, from the apparent facts & circumstances of the case, such a prize is sans quid pro quo. It cannot be categorised as a sales promotion expense liable to FBT, as it is the proximate purpose that is imperative for the levy of FBT.
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