FBT Paid Salary

TDS 811 views 2 replies

Hema Desai

PRACTICING CA AND ENTERPRENEUR

92 Points Joined March 2007

Can anyone help me with this?

Where to display FBT Paid Salary Component in Form No 16 (Salaries)?

For Ex: If the FBT is paid "on Car Expenses reimburssed to Directors" and it is part of Directors Remunuration then what is to be mentioned in TDS Certificate; Gross Salary inclusive of Car Exps or Net Salary after car Exps.?

Besides what would be displayed in "Form no 24Q; Q IV" Taxable Salary or Gross Salary?

Even in Quarterly Return one should mention Taxable Salary per month or Gross Salalry permonth in "Annexure" Details

Thank You

Hema Desai

Replies (2)

Piyush Jain

283 Points Joined July 2008

Hema, Car expenses is a perquistie which will be not taxable in the hand of director. So while preparing 24Q you can mention the same in tax free perquistie ( or allowance) as the case may be. The same will be reflected accordingly in form No. 16 as well.

Hope this will help

Regards

Piyush