fringe benefit tax
This query is : Resolved
22 April 2008
Please send me the ammendment made in F.B.T. in P.Y. 2007-2008 i.e. A.Y. 2008-2009 and also send the F.B.T. Calculator for the same which is workable. I need the rply urgently.
22 April 2008
Following ammendments made in FBT for FY 2008-09.
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.
SOURCE: INDIA BUDGET 2008-09 ERNST&YOUNG
To get FBT Calculator follow the link mentioned below. https://simpletaxindia.blogspot.com/2007/09/fbt-on-esop-fbt-calculator.html
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.
SOURCE: INDIA BUDGET 2008-09 ERNST&YOUNG
To get FBT Calculator follow the link mentioned below. https://simpletaxindia.blogspot.com/2007/09/fbt-on-esop-fbt-calculator.html
23 April 2008
Cool information. But, i reckon Ms Sheetal, u have provided the info. relating to PY 2008-2009
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITDS U/S.194T of Firm
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- Cash balance limit and property purchases limit
- Can we choose not to report losses in ITR3 if they cannot be carried forward?
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- Non-Compliance documents have not been submitted by the contractors debited
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
