Answer / ankit trivedi

F.B.T is a tax on Expense rather than tax on Income. It is
applicable to specified persons namely Firms, Companies etc.
Individual and H.U.F are exempted from the purview of F.B.T.
Taxable value of specified expenses is determined by
applying the relevant rate (for eg. 30% for conveyance)
specified in chapter XII - H of the Income tax Act, 1961.
Then tax is charged on such taxable value at the flat rate
of 30% (plus surcharge if applicable) plus 3% of education
cess. To avoid penelty in the form of interest Advance
F.B.T. is to be paid every quarter.

Answer / ashish baisoya

fbt tax is a tax payable by employer for the welfare of
employee

Answer / sourabh

fbt tax is a tax payable by employer on the value of
certain fring benfit their employee

this tax payable by an employer

its due to every fbr year (1apr09 to 31 mar)

fbt is treated by annual tax

ACCOUNTING CONCEPTS AND CONVENTIONS

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Can you please help me calculate the pre tax profit for credit card for 2014 using the following Assumptions. Request you to list the steps used. Charges Late fee £12 per occurrence Over limit fee £10 per occurrence Cash fees 3% of cash withdrawal value Annual Fee £25 per account, per year Interchange 1% of transaction value KPIs Accounts overdue 10% per month Accounts over limit 15% per month Average APR 30% Balances revolving 90% of balance Average balance £900 at end of 2013 Expected growth in average balance (2014) 10% per annum Assumptions Open accounts 200,000 at 2013 year-end New accounts booked 5,000 per month Annual operating cost £50 per open account Cost of Acquisition £50 per account Provision rate 9% of total balances Annual cost of funds 4% by balance Charge off Unit charge-off rate in 2014 11% of accounts at 2013 year-end Unit charge-off rate in 2014 0% of accounts booked in 2014 Post charge-off recoveries 20% of balance Account Transactions Monthly turnover 5% of total month end balances Cash advances 20% of monthly turnover Additional Assumptions Please state any additional assumptions you have made to calculate your answer Thanks in advance,

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I am a Tax Practioner Prepared 6 sets of Interview questions with answer books.Is there any body need them. All the questions related to Accounts and Taxation. Regular users of this site are utilising the chance.

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