Liability of FBT, Income Tax

[Adoni Raghavendra]

Whether Sponsorship Fee paid liable to FBT? and also please send me the latest expenses list which are liable to FBT ?

Posts / Replies

[Surender Gupta]

Please refer to section 115WB of the Income Tax Act, 1961 which prescribed the expenses to be included or excluded from the FBT. Sponsorship of sports event or any other event organised by any Government agency or trade association or body is excluded from the scope of FBT.

[Rama Krishana]

Yes, if not excluded u/s 115WB, the same is taxable.