Sec. 115 WB(2)(H) : "repair,running (including fuel), maintenance of motorcars and the amount of depreciation thereon;"
In my opinion insurance expenses is covered in expenses on running the car as one cannot legally run the car without insurance.
Menu
CAR INSURANCE LIABLE FOR F.B.T ?
as irunning and maintanaince of car would be taxable as fringe benefit and car insurance will qualify in maintanaince.
As per my opinion Car Insurance will be covered under FBT as it is an essential component in running the car.
Recent Topic
- Inverted tax gst refund
- Mismatch of pincode and district while registering
- Total income less than 12 lakhs but after processi
- Is Getsvision Solutions right for SMTP bulk email
- Queries on Stock/ETF gifting.
- Adding bank account for the deceased for ITR refun
- SALE OF EQUITY ON THE LAST DAY OF THE FY 2024-25 N
- Which ITR form
- Form 103 id delayed for submission for more than 1
- Composition scheme
Related Topics
CAclubindia
