fbt telephone exp

Nitesh

Chartered Accountant

340 Points Posted on 24 August 2007

yes still it would be cover under fbt

Guest

460655 Points Posted on 24 August 2007

how can it be covered under fbt wouldint it be covered under expenses as it is installed in business primises and used for the same purpose

siddh

Article (Final Result waited)

391 Points Posted on 24 August 2007

yes it cover in the criterea of 20 % fbt

CA.Sachin Bajaj

Chartered Accountant

138 Points Posted on 24 August 2007

It will still be taxable as FBT as it is specificaly mentioned in sec115WA(1) that FBT is payable on FB provided or deemed to be provided. & telephone is covered u/s 115WB(2)(j)

madhusudan

Professional

272 Points Posted on 25 August 2007

There is no doubt regarding the application of FBT in this case.

CA.Sachin Bajaj

Chartered Accountant

138 Points Posted on 25 August 2007

My friend please do not create confusion,FBT is on those benefits which are either provided or deemed to be provided to the employees & telephone expenses are deemed to be provided as a benefit to the employees whether it is actualy provided or not. Although it will be admisible as expenditure but FBT will have to be paid if there is even a single employee in the entity.

CA.Sachin Bajaj

Chartered Accountant

138 Points Posted on 25 August 2007

Further to add fbt will be paid on whole amount even if it is expended wholly & exclusively for business of the assessee.

krishan murari khandelwal

private practice

38 Points Posted on 26 August 2007

yes, it will be liable for fbt...

Sonia Uthuppu

Chartered Accountant

34 Points Posted on 27 August 2007

FBT is simply a tax on expenditure incurred by the employers!

brajesha

16 Points Posted on 29 August 2007

IS FBT APPLICABLE IN CASE OF A TRUST (NON CHARITABLE) WHEN IT HAS NO EMPLOYEE BUT INCURRING EXPENDITURE WHICH ARE LIABLE FOR FBT U/S 115WB OF I.T. ACT, 1961. BRAJESH AGARWAL