CA RAMESH KUMAR AHUJA (CA, DISA, LLB) (5452 Points)
26 September 2008Whether 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?
Ram Avtar Singh
(Nagari Sultanpur U.P.Delhi)
(14477 Points)
Replied 26 September 2008
prepaid Exps should be transfer in insurance exps. & depreciation should be encluded in FBT calculation.
CA Prashant Shrivastava
(Service)
(407 Points)
Replied 26 September 2008
No,FBT is not payable on car insurance expense.
CA Ravish Trivedi
(The Possibilities are Infinite...)
(772 Points)
Replied 27 September 2008
yes FBT is payable on car insurance.
Nalam Ravindranath
(78 Points)
Replied 27 September 2008
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
CAclubindia
