Cite.Co is a repository of information created by your industry peers and experienced seniors sharing their experience and insights.
Join Us and help by adding your inputs. Contributions From Other Members Follow Below...
Dear All, please give list that applicable for FBT TAX. When i am paid tax any time period for FBT.
From 1st April’2009, FBT has been abolished completely. So no need to deposit FBT for the current year and future years.:icon9:
Dear All,
one question:- my company deal with repair & Maintenance and services charge applicable with composite vat( on total services charge received) last year i paid FBT around 20,000 something on car maintenance , conveyance, advertisement .
so please clear is picture from 1st April 09, FBT has been abolished completely. this year no paid FBT .
Please give me clear my confusion.
Thanking you
Niranjan

ear All,
one question:- my company deal with repair & Maintenance and services charge applicable with composite vat( on total services charge received) last year i paid FBT around 20,000 something on car maintenance , conveyance, advertisement .
so please clear is picture from 1st April 09, FBT has been abolished completely. this year no paid FBT .
Please give me clear my confusion.

Hi Niranjan,
EFFECTIVE IS
DATE
1-4-2010
115WM FBT Fringe Benefit tax is abolished and the perquisites shall be
taxed in the hands of the employees.
Section 17(2) is amended to included the following:
- perquisite shall include value of any specified security or
sweat equity shares allotted or transferred, directly or
indirectly, by the employer or former employer to the
assessee.
The value of perk shall be:
FMV of the security as on the date of exercise- XXX
Of option
Less: Amount recovered from employee - XXX
-contribution to any approved superannuation fund by the
employer in respect of the assessee in excess of Rs.
100,000
-Value of any other prescribed fringe benefit or amenity.
CA Ajay Kumar

I totally agree with Mr. Ajay Kumar. FBT is abolished in the hands of employer. But, Some fbt incomes are know taxable in the hands of employees for which Ministry is to issue guidelines and the same is awaited eagerly.
Apvinder Singh Sikand

can u tell me about the steps that are essential and perfect for making balance sheet of any company or indivdual.
pls tell me about the payroll if there are the DA ,PF, ESI and other perqusite available How can we make the salary of the employees and deduction of tds on these salaris also
Fringe benefits are an important part of business and can be a useful way of attracting quality staff. However, if you're going to provide fringe benefits to your staff, you need to be aware of your taxation obligations.
Fringe Benefits Tax (FBT) is a tax payable by employers for benefits paid to an employee (or an employee's associate e.g. a family member) in place of salary or wages. This is separate to income tax and is calculated on the taxable value of the fringe benefits provided.
Why offer your employees fringe benefits?
To secure the best workers for your business, you often have to entice them with non-income related benefits.
For example, an employee may receive fringe benefits in the form of:
• a car
• car parking
• low interest loans
• payment of private expenses.
It's entirely legal and a common form of reimbursement used by businesses for their employees.

Please Login To Add Reply






About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service



All rights reserved @ 2020 Cite.Co™