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
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.
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.
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