Fringe Benefit Tax
This query is : Resolved
Dhaval Sata
(Querist)
18 September 2007
If the executives of the company are provided re-imbursements of following as part of their salary:
1)Sales promotion expenses.
2)Books and Periodicals.
3)Conveyance.
4)Telephone.
5)Petrol Expenses.
6)Medical Expenses.
So in such cases fringe benefits would be valued at 100% or 20%?
Also give me reference to the section?
Will it covered under Sec115B(1) or under Sec115B(2)i.e as Deemed Fringe Benefits.
Please solve my query urgently.
Thank You.
1)Sales promotion expenses.
2)Books and Periodicals.
3)Conveyance.
4)Telephone.
5)Petrol Expenses.
6)Medical Expenses.
So in such cases fringe benefits would be valued at 100% or 20%?
Also give me reference to the section?
Will it covered under Sec115B(1) or under Sec115B(2)i.e as Deemed Fringe Benefits.
Please solve my query urgently.
Thank You.
18 September 2007
ALL ABOVE ARE TAXABLE UNDER 115 (WB)(2)@20%.DEEMED FRINGE BENEFITS
PLEASE NOTE THAT 5% SPECIAL TAX RATE APPLICABLE TO PHARMA,CONSTRCTION,AND SOFTWARE SECTORS/INDUSTRIES UNDER THE HEAD CONVEYANCE.
SIMILAR IS THE CASE OF 5%UNDER PETROL ABOVE FOR CARRIERS OF PASSENGERS/GOODS BY CARS.
UNDER SALES PROMOTION EXP. AS TO WHAT EXACTLY CONSTITUTES SAME YOU NEED TO REFER EXPLANATION TO 115WB(2)D .
FOr EXAMPLE ADVERTISEMENT EXP. OF MANY TYPES ANS SAMPLES EXP IS NOT DEEMED AS SALES PROMOTION EXP.
YOU MAY FIND THE RELEVANT DETAILS OF SAME IN THE IT ACT OR DIRECT TAXES READY RECKONER.
C.A.R.V.RAO
PLEASE NOTE THAT 5% SPECIAL TAX RATE APPLICABLE TO PHARMA,CONSTRCTION,AND SOFTWARE SECTORS/INDUSTRIES UNDER THE HEAD CONVEYANCE.
SIMILAR IS THE CASE OF 5%UNDER PETROL ABOVE FOR CARRIERS OF PASSENGERS/GOODS BY CARS.
UNDER SALES PROMOTION EXP. AS TO WHAT EXACTLY CONSTITUTES SAME YOU NEED TO REFER EXPLANATION TO 115WB(2)D .
FOr EXAMPLE ADVERTISEMENT EXP. OF MANY TYPES ANS SAMPLES EXP IS NOT DEEMED AS SALES PROMOTION EXP.
YOU MAY FIND THE RELEVANT DETAILS OF SAME IN THE IT ACT OR DIRECT TAXES READY RECKONER.
C.A.R.V.RAO
18 September 2007
ALL ABOVE ARE TAXABLE UNDER 115 (WB)(2)@20%.DEEMED FRINGE BENEFITS
PLEASE NOTE THAT 5% SPECIAL TAX RATE APPLICABLE TO PHARMA,CONSTRCTION,AND SOFTWARE SECTORS/INDUSTRIES UNDER THE HEAD CONVEYANCE.
SIMILAR IS THE CASE OF 5%UNDER PETROL ABOVE FOR CARRIERS OF PASSENGERS/GOODS BY CARS.
UNDER SALES PROMOTION EXP. AS TO WHAT EXACTLY CONSTITUTES SAME YOU NEED TO REFER EXPLANATION TO 115WB(2)D .
FOr EXAMPLE ADVERTISEMENT EXP. OF MANY TYPES ANS SAMPLES EXP IS NOT DEEMED AS SALES PROMOTION EXP.
YOU MAY FIND THE RELEVANT DETAILS OF SAME IN THE IT ACT OR DIRECT TAXES READY RECKONER.
C.A.R.V.RAO
PLEASE NOTE THAT 5% SPECIAL TAX RATE APPLICABLE TO PHARMA,CONSTRCTION,AND SOFTWARE SECTORS/INDUSTRIES UNDER THE HEAD CONVEYANCE.
SIMILAR IS THE CASE OF 5%UNDER PETROL ABOVE FOR CARRIERS OF PASSENGERS/GOODS BY CARS.
UNDER SALES PROMOTION EXP. AS TO WHAT EXACTLY CONSTITUTES SAME YOU NEED TO REFER EXPLANATION TO 115WB(2)D .
FOr EXAMPLE ADVERTISEMENT EXP. OF MANY TYPES ANS SAMPLES EXP IS NOT DEEMED AS SALES PROMOTION EXP.
YOU MAY FIND THE RELEVANT DETAILS OF SAME IN THE IT ACT OR DIRECT TAXES READY RECKONER.
C.A.R.V.RAO
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