Dear all,
I want to know that the Insurance of Cars is to be included as vehicle running & maintenance charges for FBT.
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FBT on Car Insurance
Replies (9)
I referred the provisions, hope there is no applicbility of FBT on Veh.Insurance.
FBT IS APPLICABLE ON CAR INSURANCE.
| Originally posted by :Rakesh sharma | ||
| " | Dear all, I want to know that the Insurance of Cars is to be included as vehicle running & maintenance charges for FBT. |
" |
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
Heelloo
Ist insuance premium is capitalised n after dat all d premium r shown as expenses, n den dey r liable for FBT
| Hi Well Mr.Rakesh I have one online tool which I think help you in this matter plz check this out. https://www.simpleinsurance.co.in/ |
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
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