FBT is levied on benefits provided to employees as a whole. However, since it is not practical to maintain separate accounts of expenses on genuine basis, the ACT provides for deeming provision.
But if you can substantiate that the motor car is exclusively used by partners, you can fight back.
This will come under Deemed Benefit & hence liable for FBT
Shyam S Gupta and Company
New Delhi
CA Inter
View Details
Arpan Bohra & Co
Hyderabad
CA Inter
View Details
CCI
Pro
CAclubindia
