treatment in FBT
This query is : Resolved
09 May 2009
sIR, IF TWO WHEELERS ARE IN THE NAME OF COMPANY AND ITS FUEL EXPENSES ARE ALSO PAID BY COMPANY , WHETHER THESE FUEL EXPENSES ARE COME UNDER FBT ? AND IF COMES THEN WHICH HEAD ? I.E. UNDER LOCAL CONVYANCE OR ANY OTHER HEAD?
09 May 2009
local conveyance
11 May 2009
Section 115WB(2)(H) provides that the “expenditure on repair, running (including fuel), maintenance of motorcars and the amount of depreciation thereon is subject to FBT”
No Definition has been provided in the Act for motor cars, so the meaning of Motor cars is to be seen from the definition of Motor car as provided by section 2(26) in the Motor Vehicles Act 1988 which is as following –
Motor Car means any motor vehicle other than a transport vehicle, omnibus, roadroller, tractor motor cycle or invalid carriage.
Thus Motor Cycle are not included in the definition of motor car, accordingly the FBT is not applicable on the running, maintenance, insurance or depreciation of motorcycles provided a separate account is maintained in books.
No Definition has been provided in the Act for motor cars, so the meaning of Motor cars is to be seen from the definition of Motor car as provided by section 2(26) in the Motor Vehicles Act 1988 which is as following –
Motor Car means any motor vehicle other than a transport vehicle, omnibus, roadroller, tractor motor cycle or invalid carriage.
Thus Motor Cycle are not included in the definition of motor car, accordingly the FBT is not applicable on the running, maintenance, insurance or depreciation of motorcycles provided a separate account is maintained in books.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Itr 1 processing
- Reporting Income under Section 44ADA
- Showing Gift from relative in ITR for this year
- ITR 1: Details for showing Exempt Income
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR returnFY25-26
- ITR selection for salaries and capital gain less than L
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR 2 Short Term gain & Long term gain
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
