My query relates to FBT.
If company incurrs any expenditure on Conveyance of customer will it be liable to FBT.
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DIRECT TAX-FBT-CONVEYANCE
Replies (5)
Dear Rahul
I believe I should it be subject to TDS as the company is definitely going to take benefit of that expenditure incurred on customer conveyance in the profit and loss a/c.
Regargs
Puran
it will be covered under FBT.
Mr. Puran,, plz clearly explain wht u wanna explain?? you may use hindi instead
FBT is in addition of Income tax . it is a presumption Tax . so there is provison of Deemed FBT whether incurred for the purpose of employee or business .all such expenditure shall liable to pay FBT of certain rates define by the ACT . so conveyance exps incurred for the purpose of Customer is also covered in the Perview of Deemed FBT. hence liable to Pay FBT.
It is subject to FBT @ 20% for companies,firm.
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