FRINGE BENEFIT TAX
This query is : Resolved
26 May 2008
INSURANCE TAKEN FOR THE EMPLOYEE FROM FEB'08 - JAN'09.FOR CALCULATING FBT CAN WE TAKE THE WHOLE AMOUNT(INCLUDING PREPAID EXPENSES).OR ONLY A PART?
CA Hemant T Dewani
(Expert)
26 May 2008
which one accounting policy you applied if you are taken april to jan 09 as prepaid expencess then also you will liabel in next year
26 May 2008
CIRCULAR NO 8/2005 DT. 29 TH AUG 05 OF CBDT CLARIFIES THAT FBT IS PAYABLE IN THE YEAR IN WHICH THE EXP. IS INCURRED.
SO IF YOU HAVE INCURRED INS. EXP. IN FEB 08 ,YOU NEED TO PAY FBT IN 08 ITSELF.
PREPAID OR OUTSTANDING EXP. IS A MATTER OF ACCOUNTING CONVENTIONS AND HAS NO BEARING ON FBT.
R.V.RAO
SO IF YOU HAVE INCURRED INS. EXP. IN FEB 08 ,YOU NEED TO PAY FBT IN 08 ITSELF.
PREPAID OR OUTSTANDING EXP. IS A MATTER OF ACCOUNTING CONVENTIONS AND HAS NO BEARING ON FBT.
R.V.RAO
S.Srinivasaraghavan
(Expert)
27 May 2008
Please let us know what is the nature of insurance.
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