fbt on vehicles
This query is : Resolved
20 July 2007
For calculation of FBT on Vehicle should insurance on Vehicle be included for A.S. year 2007-08
CA. Pradeep Nayak
(Expert)
20 July 2007
Insurance paid on cars only (not all vehicles)falls within the scope of clause (H) of sub-section (2) of section 115WB relating to repair, running and maintenance of motor cars. Accordingly, expenditure by way of insurance taken for cars is liable to FBT.
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