OUR DIRECTOR/PARTNER TRAVELED OUTSIDE INDIA . WE HAVE EXCHANGED THE RUPEE INTO DOLLAR FROM A PARTY FOR TRAVEL PURPOSE. THE EXCHANGER ISSUED A BILL FOR THIS. WE HAVE PUNCHED THIS EXPENSES AS TRAVELLING EXPENSES.
IS THIS LIABLE FOR FBT?
OUR DIRECTOR/PARTNER TRAVELED OUTSIDE INDIA . WE HAVE EXCHANGED THE RUPEE INTO DOLLAR FROM A PARTY FOR TRAVEL PURPOSE. THE EXCHANGER ISSUED A BILL FOR THIS. WE HAVE PUNCHED THIS EXPENSES AS TRAVELLING EXPENSES.
IS THIS LIABLE FOR FBT?
Yes, it is liable for FBT u/s.115WB (2) (Q). Value of Fringe Benefit shall be 5% in respect of expenses on Tour and Travel (Incl foreign Travel) liable for FBT.
| Originally posted by :CA. ASHOK SHAH | ||
| " | WHY NOT 115WB(2)(F) ? |
" |
Sec. 115WB (2) (F) is for conveyance expenses liable for FBT.
According to section 115WB (2) Travelling include foreign travel also. So the provision of FBT will also apply and the rate of FB will be 5%
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