Fringe benefit TAx
This query is : Resolved
CA G. SRINIVAS GOUD
(Querist)
16 June 2008
A partner receiving Parners remuneration and Interest on partners capital, that partner incurred expenses like conveyance, telephone charges, Vehicle maintenance for the purpose of business. Whether the above expenses will attract F B T
Satish K Sekhar.ACCA
(Expert)
16 June 2008
FBT is applicable only to companies and not to partnership and sole proprietor ship firms.
CA. PRASAD
(Expert)
17 June 2008
FBT is payable by the Firm if these expenses are debited by the Firm to its Profit & Loss A/c.
Satish K Sekhar.ACCA
(Expert)
19 June 2008
Dear all,
I regret casually answering the question. I understand partnership firms are also liable to pay FBT. Only sole proprietorship firms are excempted from FBT.
I regret casually answering the question. I understand partnership firms are also liable to pay FBT. Only sole proprietorship firms are excempted from FBT.
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