Whether Transportation Facility To Employees Make One Liable Under FBT?

If the company is providing transportation facility to its employees for commuting from Home to office & back is it covered under FBT if it is then what is the percentage.Bhagya, Banglore
The answer to your question is given under Answer 104 of CBDT Circular No 8/2005 dated 29/8/2005 which is given as under

Whether expenditure [...]

Is FBT Payable On Sale of Car At Concessional Price By The Employer?

If employee purchases second hand car from his employer then it to be treat as perquisites and come under FBT and what rate tax or FBT employee or employer has to pay?Priti, Mumbai
The second hand car given to employee at concessional price, can be termed as perquisite u/s 17(2)(viii) of the I T Act taxable [...]

Is A Contractor Filing Return Under 44AD Scheme Liable To FBT?

What is the liability of F.B.T in the case of contractor who is coming u/s 44AD.?Vishal Jaiswal , Varanasi
FBT is a tax on the fringe benefits made available by the Employer to employee.Fringe Benefit Tax has no relationship with kind of income a person is earning. In fact , even if one does not [...]

Is Free Lunch Coupons of Sodexho Taxable ?

Can you please provide the details of exemption limits on meals provided by employer as well as meal coupons issued by Sodexho. I am informed that there is a provision for getting exemption of Rs 2500 per month under this. Can you please explain with the relevant income tax rule under which this is allowed. [...]

Simplest Rate Chart For FBT!

Rule For Valuation Of Specified Security For FBT Notified!

A News You Can Use
CBDT has notified new rules for valuing the specified securities for the purpose of fringe benefit tax. The rule 40D given below is self explanatory

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY,
PART -II- Section 3- Sub-section (ii)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(Department Of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification
New [...]

Are 100 % Tax Exempt Companies Liable to Pay FBT?

We are having a Software Outsourcing IT enabled Company. This is approved by the Software Technical Park of India (STPI), Govt. of India and it is a STPI Unit. We are completely exempted from income tax since all our income is on foreign currency and no income in Indian currency as per [...]

Is FBT Applicable on Charitable Trusts?

Whether FBT is applicable to Charitable Trusts? Kishan Lal Agarwal
Proviso to section 115W(a) of the I T Act inserted from Asst Yr 2006-07 specifically exempts funds ,trusts or institution eligible for exemption u/s 10(23C) or registered u/s 12AA of the I T Act . The proviso states

Provided that any person eligible for exemption under clause [...]

Is Provision of Car & Driver Taxable in Hand of Employee?

I want to know that the following are taxable perks in the hand of employee1. If car owned by the employee and driver salary & repair and maintenance expenses reimbursed by the company2 If car provided by the company and driver salary & maintenance expense reimbursed to employee baljinder_s@………….comThe reimbursement of salary to the driver [...]

Is FBT Payable For Medical Allowance Upto Rs 15,000?

Is FBT is applicable to employer on reimbursement of medical bills upto Rs.15000 to their employees?radhi68@………com
Yes.FAQ no 69 of CBDT’s Circular 8 of 2005 clarified regarding the issue of taxing medical allowance under Fringe Benefit Tax as under:

Whether medical reimbursement up to Rs. 15,000 (exempt in the hands of the employees) and [...]

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