FBT- Taxability
This query is : Resolved
M. A. Imran
(Querist)
08 January 2009
If an employer paid Rs 2000 as telephone and medical allowance to his employee for the year. Employee has produced Rs 1000 bills against the same. in the hands of employee the balance Rs 1000 will be taxable but i want to know that employer will pay FBT on Rs 2000 or on Rs 1000...
expecting a good illustrative answer for the same on the basis of act.
expecting a good illustrative answer for the same on the basis of act.
09 January 2009
Rs 2000/- is taxable in the hands of the employee u/s17(3) of the Income Yax Act,1961. No allowance u/s 10(14) is allowable for Rs.1000/-. In view of this section 115 WB(2)(J) OF FINANCE ACT,1994 WILL NOT APPLY FOR THE SAID PAYMENT.
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