Fringe benifit tax
This query is : Resolved
vinod kumar
(Querist)
19 September 2013
Let me know Provision for Fringe benefitt tax is equal to provision for employee benefit.
19 September 2013
Fringe Benefit Tax (FBT) was introduced as part of Finance Act, 2005 as an additional income-tax and came into force from April 1, 2005. The term Fringe Benefits means ‘any consideration for employment provided by way of any privilege, service, facility or amenity provided by the employer to the employees’.
Fringe Benefit Tax is to be levied on the employer in respect of fringe benefits provided/deemed to be provided by the employer to his employees during any financial year commencing on or after 1.4.2005.
FBT was abolished w.e.f. 01.04.2009 i.e., AY 2010-11.
Fringe Benefit Tax is to be levied on the employer in respect of fringe benefits provided/deemed to be provided by the employer to his employees during any financial year commencing on or after 1.4.2005.
FBT was abolished w.e.f. 01.04.2009 i.e., AY 2010-11.
Ajay Mishra
(Expert)
19 September 2013
Agreed with Expert.......
Fringe Benefit Tax stands withdrawn with effect from the Assessment Year commencing from 1st April 2010 in terms of Finance Act 2009.
Fringe Benefit Tax stands withdrawn with effect from the Assessment Year commencing from 1st April 2010 in terms of Finance Act 2009.
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