Direct taxes

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 October 2013 hello sir,
i want to ask you about "FRINGE BENEFIT CHARGE".
Is it taxable in the hands of employee ?
please give me some information about this type of charge, with the help of the amount paid on 'scholarship and festival celebration'.

(N.B. This is my first time in your site, so plz ignore in making wrong)
thank you....

Nikhil Kaushik

Nikhil Kaushik (Expert)
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29 October 2013 Fringe benefit tax was abolished long ago.

Now all the perks (subject to some limits) are taxable in the hands of the employees at their normal tax rates.

Following perquisites are clearly defined under the Act:
for valuation of certain perquisites as per the above said notification are briefly given below:

1. Residential Accommodation
2. Hotel Accommodation
3. Use of Motor Car
4. Services of Sweeper, Gardner, Watchman or Personal Attendant

5. Supply of Gas, Electric Power or Water

6. Free/Concessional Educational Facility

7. Interest Free or Concessional Loan Facility

8. Traveling, Touring Accommodation etc.

9. Free Food and Non-alcoholic beverages

10. Any Gift or Voucher or Token

11. Membership Fees, Annual Fees for Credit Card

12. Membership of Clubs

13. Use of Movable Assets

14. Transfer of Movable Assets

15. Any Other Benefit or Amenity, Service, Right or Privilege

with reference to further details, refer:

http://finotax.com/itax/itinfo3.htm#i6

Querist : Anonymous

Querist : Anonymous (Querist)

31 October 2013 Thank you , sir..

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