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Fringe benefit tax

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(Querist)
08 July 2009 Dear members

We r a properitor ship and fringe benefit tax not applicable on us till finance bill 2009.we were providing perks like telephone and petrol to our employees..but now fringe benefit is removed..now my question is that our firm has no libilty for FBT as removed then emplyee has to pay tax on that perks or not??
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Ratan Sharma

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Ratan Sharma (Expert)
08 July 2009 No, not at all. Employees need not treat this amount as perks in their hands.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
08 July 2009 Those expenses on which FBT was payable are included in the valuation of perquisites on the abolishion of FBT.
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ravi verma

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ravi verma (Querist)
09 July 2009 Thanx Mr Chackrapani But as FBT was not applicable on Prop'ship then on the abolishment of FBT how can we treat or add the value of that perks while valuing employee taxable income??
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