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Fringe benefit tax

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c.a student
45 Points Posted on 31 August 2007
sir can anyone plz tell me that, is interest paid under sec 234c on fringe benefit tax is an allowable expense under income tax act. 
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On 31 August 2007 at 14:20 Report
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SERVICE
315 Points Posted on 31 August 2007
No, it is not an allowable expenses. For that matter any payment on account of Penal Interest is not an allowable expenses.
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On 31 August 2007 at 15:15
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Chartered Accountant
154 Points Posted on 03 September 2007
No, sec 40a specifically disallows any tax levied and interest theron. Hence 234c interest is not an allowable expenses
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On 03 September 2007 at 21:47
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Article Assistant
135 Points Posted on 04 September 2007
the act says any sum paid on account of Fringe Benefit Tax shall be disallowed. Interest on FBT is a sum paid on account of FBT. So such interest in not a deductible expense
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On 04 September 2007 at 10:21
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CA Final
814 Points Posted on 21 February 2008
No. Interest for late or non payment of Fringe Benefit Tax will not be allowed as a deduction. But Interest for late payment of Sales Tax, Customs and Excise duty will however be allowed as a deduction.
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On 21 February 2008 at 16:13
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C A
7080 Points Posted on 21 February 2008
No
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On 21 February 2008 at 16:58
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Guest
460655 Points Posted on 22 February 2008
If we received services from outside india,we will liable to pay tax in service tax for comission wether we got the export order in outside india?
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On 22 February 2008 at 14:51
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CA Final
814 Points Posted on 22 February 2008
In a contract, when the service provider is not from India and the service recipient is a person from India, then the service recipient is liable to pay service tax on the amount of bill.
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On 22 February 2008 at 15:12
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CA
178 Points Posted on 26 February 2008
no
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On 26 February 2008 at 10:03
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DGM-F & A
1734 Points Posted on 26 February 2008
No,Not allowable
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On 26 February 2008 at 12:32
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83 Points Posted on 26 February 2008
hi No it's not allow for deduction under incometax act.All interest amount paid in respect of statutrry dues is not alloweable under IT act.
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On 26 February 2008 at 13:38


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