fringe benefit tax
This query is : Resolved
Hitendra K. Agrawal
(Querist)
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.
Sheetal Metha
(Expert)
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Tax on Amount transferred in HUF Account
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
