Amount paid as registration fees or participation fees for participation in any conference or seminar by director of company ,paid by company liable to FBT? sunnykvbilaney@….co.inThe expense on conference is within purview of fringe benefit of tax u/s 115WB(2)(c) of the I T Act. Therefore , let us refer the section : “(C) conference (other than fee for participation by the employees in any conference). Explanation:For the purposes of this...
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 incurred by the employer for the purposes of providing free or subsidized transport for
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 in employees hand. Therefore, it is outside the scope of Fringe Benefit Tax .The
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 earn income , one may be liable to FBT.Therefore , you should see whether the
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. P V Gopi Ramanan ,Hyderabad You have not stated whether the employer is a company
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 Delhi, the 18th January, 2008 INCOME-TAX S.O. 113(E). –
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 rule.Now will you please let me know whether the Fringe Benefit Tax will apply to our Company since
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 (23C) of section 10 or registered under section 12AA or a political party