what's the treatment of 'MOTOR CAR' under the head 'salaries' during A.Y 2009-10? is the payment of FBT effect its treatment? if yes, how?
Fareeda_ICWAI INTER (student) (137 Points)
06 June 2009what's the treatment of 'MOTOR CAR' under the head 'salaries' during A.Y 2009-10? is the payment of FBT effect its treatment? if yes, how?
ajay agrawal
(CA-Final Nov 10)
(129 Points)
Replied 06 June 2009
| Originally posted by :Fareeda. A K | ||
| " | what's the treatment of 'MOTOR CAR' under the head 'salaries' during A.Y 2009-10? is the payment of FBT effect its treatment? if yes, how? | " |
Hii, send me ur mail id, I vl forward u the scan copy for motor car valuation.
and it vl not affect the fbt, because this amendment was brought in force keeping in view for employees of only those organisations which are not covered under chapter XII H, like Political Parties
Nikita Khandelwal
(Student)
(86 Points)
Replied 06 June 2009
if the assesse's employer pays FBT then the car as a perk becomes exempt from tax..
it is taxable only in case the employer of the asessee is not liable to FBT
for example if a car is provided by a company to its employee for any purpose then it is fully exempt as company pays FBT but the same isnt true and there are provisions of taxability of motor car in case of asessee's who's emplyees dont pay FBT..
i hope i hav made it a bit clear
triumph-CMA
(Chartered Accountant)
(503 Points)
Replied 07 June 2009
Motor car is taxable only in the case of those assesees, where the employer is not liable to pay FBT.
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