Live Course on Drafting of Appeal and Reply of Penalty Notice by CA Sachin Sinha. Register Now!!

FBT

Vikash (22 Points)

10 May 2007

FBT should be abolished as it is unconstitutional & unjustified. Lets all write to the Finance Minister requesting abolition of FBT.

Reply
Follow
Share

6 Replies

Sunil Shyamsukha (CA Practice ) (47 Points)
Replied 10 May 2007

i agree with u abslutely 100% we can also request the ICAI to nclude this objection in the pre budget memorandum for 2006 asking them to withdraw this provision.
hope all support this.

Anshudeep (13 Points)
Replied 10 May 2007

At least FM should remove FBT impact o genuine business expenses like marketing & travel.

Harshavardhana (22 Points)
Replied 10 May 2007

i dont agree with u it is taxing a very small % of expenses. Earlier many personal expenses were diverted in business expenses(especially,client welfare,sales promotion). however rate of fbt should come down

Rajeshmittal (71 Points)
Replied 10 May 2007

The concept of FBT comes from Australia newzeeland etc. In the industry now most of the senior executives are using the same as tax benefit. For an example after new perquisite rules from 2003 the payment for running and amintenace of car is taxed in hand of the employees at 33.66% now only 20% is tqaxed. Hence for each tax there is pron and corns.

Raginee (28 Points)
Replied 10 May 2007

One more member to support the mission

Mahaveer Ojha (13 Points)
Replied 10 May 2007

[quote=raginee (Guest)]One more member to support the mission
[/quote]

i am agree with you because if a company incurred loss but company should pay Fringe Benefit Tax. thats not good for companies