14 April 2008
I refer to the information given by sheetal Metha of india budget 2008-09.
I believe Earlier FBT is payable on quarterly basis based on the actual expenditure incurred in that particular quarter. The due date for payment of at this stage is 15th of the subsequent month for which that particular quarter ends.
Now FBT is also payable as Advance Tax based on the estimated expenditure figures where due dates of payment is similar to that of Advance Tax payment of Income Tax.
14 April 2008
YES, FBT IS PAYABLE AS ADV. TAX LIKE INCOME TAX AS PER ADV. TAX DUE DATES FOR INCOME TAX PURPOSE. NO CHANGES IN FBT RELATING TO ADV. PAYMENT WERE MADE IN BUGDGET 2008-09.
FOR BENEFIT OF OUR CA CLUB MEMBERS I REPRODUCE BELOW CHANGES MADE IN FBT PROV. IN BUDGET 08-09.
1.DEFINITION OF SPECIFIED SECURITY FOR FBT SUSTITUTED.
2.DUE DATE FOR FILING FBT RERURN FOR CORPORATES AND OTHER SPECIFIED ASSESSEES PREPONED FROM OCT 30 TH TO SEPT. 30 TH.
3.PROVISIONS INTRODUCED FOR MAKING ADJUSTMENTS FOR ARITHMATICAL ERRORS AND INCORRECT CLAIMS WHILE DOING SUMMARY ASSESSMENT OF FBT RETURNS.
4.SCHEME OF CENTRALISED PROCESSING OF FBT RETURNS INTRODUCED.
5.RECOGNITION OF FBT RECOVERED FROM EMPLOYEES AS TAX PAID BY EMPLOYEE AND ELIGIBLE FOR CREDIT UNDER ANY FOREIGN TAX LAW.
6.NO FBT INRESPECT OF EXPENDITURE ON NON-TRANSFERABLE PREPAID ELECTRONIC MEAL CARDS USABLE AT EATING JOINTS OR OUTLETS.
7.NO FBT ON EXP. ON PROVIDING CRECHE FACILITY FOR EMPLOYEES CHILDREN,SPONSORSHIP OF EMPLOYEE SPORTPERSON AND ORGANISING SPORTS EVENTS FOR EMPLOYEES.
8.NO FBT ON EXPENDITURE ON MAINTENANCE OF GUEST HOUSE ACCOMMODATION.
9.VALUE OF FRINGE BENEFITS ON ACCOUNT OF EXP. ON FESTIVAL CELEBRATIONS REDUCED FROM 50% TO 20% OF THE TOTAL EXP.
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