FBT??

Yes,it will taxable as perquisite in hand of employee,

Dear aishwaryaa,

FBT has been abolished in the finance act, 2009.

that means FBT will not be applicable for assesees w.e.f 2010-2011 assessment year.

in your case, as the previous year in which that event occured is related to 2010-11 assessment  year FBT will not be attracted to that.

perfect opinion by ayush...It would be taxable in the hands of the employee...

as per section 115WM nothing contained in this chapter shall apply, in respect of any assessement for the assessement year commencing on 1st day of April 2010 or any subsequent assessement year

FBT abolished from AY 2010-2011. that means from the accounting year beginning on 01-04-2009.

In your case, the perquisities is to be taxable in the hands of the employee

FBT is abolished from financial year 2009-10 i.e April, 2009...

Yes it will be taxable as perks in the hands of the employee

agree   will   be  taxable  in the hands of employee

Fine FBT has gone from FY09-10.But  since budget came after Jun 09 , what about the Companies who have paid the advance FBT for Jun quarter.What is the procedure for getting back that FBT which we paid in Jun as a advance FBT

thanks all..

Nilesh,

The FBT already paid by the companies shall be allowed to be set off against Income tax payable though it is not specifically mentioned in the budget..( as given in CA Journal August, 09 in the article on budget by CA Ved Jain)

FBT abolished in the Finance Act,2009 w.e.f. from the accounting year beginning on 01-04-2009.

In this case, the perquisities is to be taxable in the hands of the employee