query related to FBT
This query is : Resolved
19 April 2009
company pay for petrol(which used for company tour purpose).can company that petrol expenses treat as eapense for ticket fare.(if company treat as ticket fare then only 5% part will be subject to FBT otherwise 20% part will be subject to FBT)
pls reply what will be treat as per income tax act.
pls reply what will be treat as per income tax act.
VINEESH KHANNA
(Expert)
19 April 2009
Expenses on Petrol shall be covered under "Repair, Running & Maintenance of Car", as a result value of Fringe Benefit shall be 20%.
20 April 2009
Expenses for petrol can be covered under conveyance and if paid for four wheeler vehicle maintianed by the company than in Repair, running and maintenace of car.
In both cases 20% FBT will be the value.
In both cases 20% FBT will be the value.
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