Whether expenses done by school for annual day function will come under Entertainment Expenses and liable to FBT?
Whether expenses done by school for annual day function will come under Entertainment Expenses and liable to FBT?
In what category is the school assessed -Whether it claims exemption u/s 12?
no, it doesn't claim exemption u/s 12.
Yes , FBT will be Applicable u/s 115WB Sub section 2L
Yes, The scholl will be liable to pay FBT on entertainment expenses.
yes the school will be liable to pay FBT.
No, I dont think annual function expenses by any school is an entertainment expenses. Anuual function in a school is not meant for entertainemnt of school children or parents. Its a part of school studies and activities.
No, I dont think annual function expenses by any school is an entertainment expenses. Anuual function in a school is not meant for entertainemnt of school children or parents. Its a part of school studies and activities.
No, I dont think annual function expenses by any school is an entertainment expenses. Anuual function in a school is not meant for entertainemnt of school children or parents. Its a part of school studies and activities.
| Originally posted by :deepak K Gujrati | ||
| " | No, I dont think annual function expenses by any school is an entertainment expenses. Anuual function in a school is not meant for entertainemnt of school children or parents. Its a part of school studies and activities. | " |
Yes. These expenses will attract FBT. Though the annual function isa part of curriculum it is not mandatory for school to conduct the same.
refer to tushar yerawar and deepak k gujrati
Yes, entertainment expenses would be liablre to FBT even if it is a part of the curriculum or not. As, FBT has deemeing provisions for entertainment expenses, and thus actual purpose is irrelevant. Therefore it is deemed that 20% of the total entertainment expenditure is liable for FBT.
Yes it will be liable to FBT, under Employees Welfare @ 20%,
Thanks
whether free samples are exmpted from FBT?
Your are not logged in . Please login to post replies
Click here to Login / Register
Synergy Keystone
Mumbai
CA
View Details
Subrahmanyam & Sivudu CA Firm
Hyderabad
CA Inter
View Details
Kothari Jain Patil & Chartered Accountants
Pune
CA Inter
View Details
Murali and Sumeet Chartered Accountant
Bengaluru
CA Foundation
View Details
CCI
Pro
India's largest network for
finance professionals