fringe benefit tax
This query is : Resolved
11 February 2008
Is furtniture & fitting or television bought by the company for the managing director or any other manegerial personal chargeble to FBT and why?Also in what cases is the FBT taxable in the hands of the employee?
jegannath G
(Expert)
11 February 2008
normally , assets given to the employee for the private purpose , then it will be treated as perquisite and it will not covered under Fring benefit tax. Usage of assets are covered under section 17 of income tax act. Hence it will be covered under fbt
CA Hemant T Dewani
(Expert)
12 February 2008
in my opinion fbt wii not be chargable it is perquisite to an employee.10% of original furniture is added as a perqusite
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