what is a rate of Fbt?

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Ashwani Sharma

Ashwani Sharma (Querist)
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01 October 2008 Plz clear a point of FBT as well as tell me FBT rates and how its treat

CMA Jitendra Singh

CMA Jitendra Singh (Expert)
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01 October 2008 FBT is fringe benefit tax

Basically, the objective is to recognize the expenses which are related with over employees and average 6.5% of those expenses are FB tax amount which every employer is suppose to pay

Please read the basic books on IT to understand the concept in more detail.In case of any specific query ,write again

PIYUSH JAIN

PIYUSH JAIN (Expert)
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01 October 2008 FBT rate is 30%+surcharge+Cess=33.66%
First we calculate value of that benefit, which can be 100%, 50% ,20% as per IT Act.
Then calculate tax.

Venkat Rao Marella

Venkat Rao Marella (Expert)
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01 October 2008 FBT is leviable on various expenses which are subject to FBT.
1. Identify if the expenditure is subject to FBT.
2. Calculate the value of expenditure liable to FBT. this can be 100%,50% or 20%.
3. Apply 33.99% on the total value of expenses liable to FBT.

Also, pelase read various presentations on FBT available in this site.

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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01 October 2008 In certain cases it can be 5% also, like for Travelling Expenses.

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