SPONSORSHIP TO EMPLOYER FOR HIS MBA COURCE

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vilas chandalia (Querist)
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29 March 2010 DEAR SIR, A PVT LTD COMPANY PAYING RS.3.50 LACS AS FEES FOR EDUCATION (MBA),TO UNIVERSITY FOR HIS EMPLOYER. IS THIS EXPENDITIRE CLAIM BY COMPANY ALLOWED IN INCOME TAX., PLEASE GUIDE

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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29 March 2010 YES THE EXPENDITURE IS ALLOWABLE FOR THE COMPANY. EARLIER COMPANY HAD TO PAY FBT ON ABOVE EXPENDITURE BUT NOW THE SAME HAS BEEN REMOVED. BUT THE SAID AMOUNT WILL BE TAXABLE IN THE HANDS OF THE PERSON FOR WHOME THE EXPENDITURE IS INCURRED.

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