FBT is not Income Tax !!!!
This query is : Resolved
24 November 2007
Tax on Income is INCOME TAX !
Tax on Expense is INCOME TAX ?
Why ?
Tax on Expense is INCOME TAX ?
Why ?
24 November 2007
TAX ON EXPENSES IS STYLED BY MR. CHIDAMBARAM AS FRINGE BENEFIT TAX -A TAX ON BENEFITS PROVIDED BY EMPLOYER TO EMPLOYEES-
THIS TREND OF TAXING EMPLOYEE BENEFITS IS COPIED FROM SOME OF THE DEVELOPED /WETERN ECONOMIES OF THE WORLD BY OUR LEARNED F.M.
CHANAKYA SAYS TAXING SHOULD NOT BE FELT BY THE TAXPAYER MORE THAN A PINPRICK.
SO SERVICE TAX IS INTRODUCED AS AN INDIRECT TAX ,TAXING THE SERVICES SECTOR WHICH CONTRIBUTES TO APPROX. 50% OF OUR GDP.
BOTH CHANAKYA AND CHIDAMBARAM ARE FROM SOUTH INDIA ,I BELIEVE.
R.V.RAO
THIS TREND OF TAXING EMPLOYEE BENEFITS IS COPIED FROM SOME OF THE DEVELOPED /WETERN ECONOMIES OF THE WORLD BY OUR LEARNED F.M.
CHANAKYA SAYS TAXING SHOULD NOT BE FELT BY THE TAXPAYER MORE THAN A PINPRICK.
SO SERVICE TAX IS INTRODUCED AS AN INDIRECT TAX ,TAXING THE SERVICES SECTOR WHICH CONTRIBUTES TO APPROX. 50% OF OUR GDP.
BOTH CHANAKYA AND CHIDAMBARAM ARE FROM SOUTH INDIA ,I BELIEVE.
R.V.RAO
28 January 2008
FBT can be a tax on notional income of the employees - this is because FBT is charged only if the Firm/Company has their own employees
If the Firm/Company do not employ anybody , there is no question of FBT.
If the Firm/Company do not employ anybody , there is no question of FBT.
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