Dear Members
What will be the rate of FBT in case of firm & companies having taxable income of Rs. 1 Crore or less for the A.Y. 2008-09??
Will it be 30.99% i.e. 30% + (2%EC+1% SHEC) or 33.99% i.e.30%+10%+(2%EC+1% SHEC).
Regards
Komal Mantri
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FBT
Replies (9)
33.99%...
Thanks for your answer..
Please explain your answer i.e Why it shld be 33.99% and not 30.99
Please explain your answer i.e Why it shld be 33.99% and not 30.99
FBT rate in case of Employer being AOP/BOI and FBT payable does not exceed Rs. 10Lakhs the effective rate would be 30.9% whereas in case of Firm, Companies and artificial juridical person FBT rate irrespective of amount of FBT payable it would be 33.99%
it will be 33.99%
it will be 33.99%,
suppose expenditure is 2000 then taxable amount for FBT(depend upon tax rate) is 100(taken as 5%), then FBT would be,
100 *30% = 30
+surcharge 10% = 3
-------------
33
+ Education cess 3% = 00.99
(a.y. 2008-09) --------------
33.99
---------------
It is Basic TAx, Surcharge and Education Cess
HI
Rate of FBT is 33.99 % as surcharge is not leviable on companies and firms having total income upto Rs 1 crore only in respect of corporate tax and not FBT .Thus rate of FBT is 33.99% for them.
Rate of FBT is 33.99 % as surcharge is not leviable on companies and firms having total income upto Rs 1 crore only in respect of corporate tax and not FBT .Thus rate of FBT is 33.99% for them.
There is no relaxation of Surcharge & Cess unlike TDS. So, applicable rate is 33.99%
30%
(+)
10%
(+)
3%
=33.99%
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