what is FBT is it comes in CA exams ???????????
V K Bajaj
(Accountant)
(1540 Points)
Replied 19 June 2012
FBT stands for Fringe Benefit Tax.
Currently it is OFF.
The amount of due taxes were duty and liability of Employer (Company and Partnership) to pay to Govt. The amount was to be wroked on the benefits (lunch, vehicle, servant, accomodation, travelling, etc. etc.) provided to employees collectively or individually. Proprietorship concerns were exempted to do so.
It can be a question in any exam as is a part of Income Tax Act. If questions related to the era of 1962 can be asked then it can also appear in question paper.
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