FBT on Car Insurance

I referred the provisions, hope there is no applicbility of FBT on Veh.Insurance.

FBT IS APPLICABLE ON CAR INSURANCE.

           All the expenses related to car r liable to fbt
 

Dear Mr.Rakesh Sharma,

Insurance Expenses related to car are comes under Running & Maintenance expenses of Car so it should be included in Expenses Lible of Fringe Benifit Tax.

C.A.Devendra Goyal

Hi All,

I want to know wheather the IT dept, has released the new rules on perquisite on car claims like petrol and other maintanence for self owned cars and company leased vehicle instead of FBT.

Let me know the recent updation on this.

Dear All,

Its mandatory  to get the new car insured before leaving the showroom and the capitalised value of car includes the amount of First Insurance Premium. Further payment of Premium is treated as revenue expenditure, so its liable for FBT.

no fbt is not  applicable on car insurance