query regarding fbt
This query is : Resolved
18 December 2008
hello frnds,
please guide me on the following matter-
my company ABC limited has paid a bonus of Rs 20 lacs in cash to it's labour threw contractor on the occasion of deepawali. otherwise it would not pe paid..
please tell me whether the same will be liable to FBT or not..if yes please also provide the references of act or any other notfication/circulars
please guide me on the following matter-
my company ABC limited has paid a bonus of Rs 20 lacs in cash to it's labour threw contractor on the occasion of deepawali. otherwise it would not pe paid..
please tell me whether the same will be liable to FBT or not..if yes please also provide the references of act or any other notfication/circulars
CA.ViVeK M ACA
(Expert)
18 December 2008
If the bonus is paid under the statute of payment of bonus Act, there is no levy of FBT, otherwise it would be liable for the fbt
18 December 2008
it is not liable to fbt as the same is chargeable u/h Salary. & whatever is charged as salary , no fbt is payable on it.
CA Tilak Raj Sharma
(Expert)
18 December 2008
Diwali Gifts are liable for FBT, not Diwali bonus. It is fully taxable in the hands of employees. No FBT.
19 December 2008
No, it is taxable in the hands of recepient as salaries.
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
- Reward for festival
- 18% Rent a cab
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- ARCA LOGIN
- Movement of goods by packers and movers - type of sale - Reg.
- RCM and same line
- TDS Return Statement Status
- Rectification under processing even after 6 months cpc portal
- Appointment of Auditor By Form ADT-1
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
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
