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FBT on sweets

Rachana Gadage (Account Executive) (136 Points)

07 November 2007

Hi all,

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

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8 Replies

Vidya (Service) (40 Points)
Replied 07 November 2007

Yes, it is taxable under Sec 115WB(2)(L) to IT Act, 1961.

CA Bishnu Agarwal (Chartered Accountants) (55 Points)
Replied 07 November 2007

Yes,

Ankit Dangayach (Chartered Accountant) (691 Points)
Replied 07 November 2007

Yes ,these expenses are liable to FBT U/S 115WB(O) i.e Gifts

Vidya (Service) (40 Points)
Replied 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)

Adv. S Sharma (Lawyer) (574 Points)
Replied 07 November 2007

hi m agree with Vidya it is taxable under the head Festival Celebration under section 115WB(2)(L)

Praveen Babu (IT Auditor) (113 Points)
Replied 07 November 2007

i too agree that it is taxable under Festival celebration 115WB(2)(L)

CA. Vineet Grover (Chartered Accountant) (1538 Points)
Replied 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

Amit Sharma (article) (2677 Points)
Replied 27 December 2007

YES, U/S 115WB(O).

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