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FBT on sweets

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Account Executive
136 Points Posted on 07 November 2007

Hi all,

My company is distributing sweets to employees for diwali festival, is it attracting FBT ?

 

 

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On 07 November 2007 at 09:36 Report
Replies (8)
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Service
40 Points Posted on 07 November 2007
Yes, it is taxable under Sec 115WB(2)(L) to IT Act, 1961.
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On 07 November 2007 at 09:42
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Chartered Accountants
55 Points Posted on 07 November 2007
Yes,
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On 07 November 2007 at 09:54
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Chartered Accountant
691 Points Posted on 07 November 2007
Yes ,these expenses are liable to FBT U/S 115WB(O) i.e Gifts
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On 07 November 2007 at 11:22
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Service
40 Points Posted on 07 November 2007
No these do not come under 115WB(o) as these are not gifts. They are taxable under Festival celebrations u/s 115WB(2)(L)
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On 07 November 2007 at 11:30
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Lawyer
574 Points Posted on 07 November 2007
hi m agree with Vidya it is taxable under the head Festival Celebration under section 115WB(2)(L)
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On 07 November 2007 at 13:04
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IT Auditor
113 Points Posted on 07 November 2007
i too agree that it is taxable under Festival celebration 115WB(2)(L)
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On 07 November 2007 at 14:20
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Chartered Accountant
1538 Points Posted on 07 November 2007
Vidya is absolutely correct. Expenses for distribution of sweets shall be covered u/s 115WB(2)(L) and the value of fringe benefit shall 50% of such expenses
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On 07 November 2007 at 14:52
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article
2677 Points Posted on 27 December 2007
YES, U/S 115WB(O).
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On 27 December 2007 at 13:01


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