whether the following expenses will be liable for f.b.t:-
1. broadband & internet expenses
2.amount tfd. to Provident Fund,Gratuity,ESI
3.Medical expenses of wife of managing director reimbursed/borne by the company
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fringe benefits
1. broadband & internet expenses
2.amount tfd. to Provident Fund,Gratuity,ESI
3.Medical expenses of wife of managing director reimbursed/borne by the company
Replies (7)
Broadband is not liable to FBT .. coz its another form of leased line... which is exempt under FBT
Broadbank & internet expenses, not liable to FBT (leased line)
PF, Gratuity, ESI not liable to FBT (Statutory obligation under other laws)
Medical Expenses LIABLE TO FBT (not a statutory obligation)
[ANY EXPENSES NOT ALLOWABLE UNDER INCOME TAX ACT, NOT LIABLE TO FBT]
guys the broand band connection is shared line connection. as the leased line means the line which is laid only for the user and no one can share that line or there is no distribution of bandwidth. but here the bandwidth is shared hence broand exp. is liable for FBT
NO MESSAGE
Internet Charges, Contribution to Gratuity, PF and ESI donot come under the ambit of FBT, But Contribution to Superannuation fund is liable to FBT.
As far as medical expenses (of MD's wife) reimbursed is concerned, FBT will be payable upto Rs.15000 of the bill amount. And if the bill amount exceeds Rs.15000, the remaining portion will be taxed in the hands of the employee as perquisites.
Point Ni.1 & 3 FBT is applicable but for point No.2 No FBT
Broadband & Statutory obligations (PF, ESI) is not liable to FBT
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