Whether FBT is payable on Car Insurance?
If yes, whether the same is payable on the amount of prepaid car insurance b/f from last year?
Also, some of the expenses pertaining to the next year may have to be carried forward as prepaid expenses to the next year. How the same is to be dealt with?
prepaid Exps should be transfer in insurance exps. & depreciation should be encluded in FBT calculation.
No,FBT is not payable on car insurance expense.
yes FBT is payable on car insurance.
Any expenditure incurred in relation to
owning( interest on car loan ,depreciation, parking and garage rent)
running( fuel and driver's salary)
maintaining ( repairs,insurance,)
the motor cars attract FBT
Yes, it it payable.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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CAclubindia
