important announcement for may 2010 pcc/ipcc/pe 2 students

Thanx a lot but can you plz describe it.

yaaaaaa sure

it means that perquisetes which were earlier taxable to employees would be applicable to may 2010 inter students

n those perquisites which were taxable to employees if  fringe benefit tax has not being paid by employer would not be applicable for may 2010 inter students . example car benefit to employee would now be chargeable to employee as perquisites due to abolition of FBT would not be applicable for students appearing for may 2010 attempt

Dear Uma......

Cannot understand what u said.........

Please elaborate..........

Please.....

dear balaji

firstly thanx for asking the question

are you appearing for may 2010 inter exams in taxation paper

under income tax we have 5 heads

under the head salary, we have perquisites

now perquisites are of  three types

1)perquisites taxable in the hands of all employee

2)perquisites taxable in the hands of all specified  employees only

3) perquisites taxable in the hands of employee if not charged/paid as fringe benefit tax

now due to abolition of fringe benefit tax all such expenses which were liable to fringe benefit tax would now be taxable in the hands of employee as perquisites

as per the information by the icai all such perquisites which are taxable in the hands of the employee due to the abolition of FBT are not applicable to may 2010 students rather they would be applicable to nov 2010 students

i hope its cleared now

if still u have any queries

then ask , i will reply by a private message to u

regards

uma

Thank you for the explanation Uma.... even i was in a great confusion for long time since this announcement has come... thank you...!!

Thank you Uma..........

hello  friends plz suggest me   rgards transfer of articleship from my existing employer...............

I'm Doing articalship apart frm my native place its near to 350KM so nw i hav 2 go near native place ......

which type of reason is suitable for me except parents Transfer bcz my father occupation is Agricluture........

when  the result for pcc nov 09 revaluation result will be declared ????

Originally posted by : hotguy
	when  the result for pcc nov 09 revaluation result will be declared ????

it is already declared!!!!

heard that there is no change marks for any student in alll india level

Originally posted by : uma
	yaaaaaa sure   it means that perquisetes which were earlier taxable to employees would be applicable to may 2010 inter students   n those perquisites which were taxable to employees if  fringe benefit tax has not being paid by employer would not be applicable for may 2010 inter students . example car benefit to employee would now be chargeable to employee as perquisites due to abolition of FBT would not be applicable for students appearing for may 2010 attempt

No you are confusing students. As you write that perquisites are of  three types

1)perquisites taxable in the hands of all employee

2)perquisites taxable in the hands of all specified  employees only

3) perquisites taxable in the hands of employee if not charged/paid as fringe benefit tax

The 3rd type of perquisite mentioned above were exempt in the hands of employees if employer pays FBT (Fringe Benefit Tax). As FBT Abolished w.e.f. A.Y. 2010-11 all the perquisite are taxable in the hands of employees. It is applicable for all students appearing in the May 2010 Exam. Calculation of perquisite will be made according to present rules which are applicable for those employee whose employer is not paying FBT.

Question : What is not applicable for May 2010 Exam ?

Answer : "Consequent to abolition of fringe benefit tax, certain benefits taxed earlier as fringe benefits in the hands of the employer would now be taxable as perquisites in the hands of the employees. For this purpose, new perquisite valuation rules have been notified vide Notification No.94/2009/ F.No.142/25/2009-S.O.(TPL), dated 18.12.2009 with retrospective effect from 1.4.2009. However, the new perquisite valuation rules would be applicable only for November 2010 examination. They would not be applicable for May 2010 examination, since only notifications/circulars issued up to 31st October, 2009 are relevant for May 2010 examination."

Due to abolition of fringe benefit tax, there were some changes made in the rules for valuation of perquisite. But these new rules were notified on 18.12.2009 and notifications issued upto 31.10.09 are relevant for may 2010 exam. So these new rules for valuation of perquisite are not applicable for may 2010 exam.

Originally posted by : Abhishek Sarda
	Originally posted by : uma yaaaaaa sure   it means that perquisetes which were earlier taxable to employees would be applicable to may 2010 inter students   n those perquisites which were taxable to employees if  fringe benefit tax has not being paid by employer would not be applicable for may 2010 inter students . example car benefit to employee would now be chargeable to employee as perquisites due to abolition of FBT would not be applicable for students appearing for may 2010 attempt No you are confusing students. As you write that perquisites are of  three types   1)perquisites taxable in the hands of all employee 2)perquisites taxable in the hands of all specified  employees only 3) perquisites taxable in the hands of employee if not charged/paid as fringe benefit tax The 3rd type of perquisite mentioned above were exempt in the hands of employees if employer pays FBT (Fringe Benefit Tax). As FBT Abolished w.e.f. A.Y. 2010-11 all the perquisite are taxable in the hands of employees. It is applicable for all students appearing in the May 2010 Exam. Calculation of perquisite will be made according to present rules which are applicable for those employee whose employer is not paying FBT. Question : What is not applicable for May 2010 Exam ? Answer : "Consequent to abolition of fringe benefit tax, certain benefits taxed earlier as fringe benefits in the hands of the employer would now be taxable as perquisites in the hands of the employees. For this purpose, new perquisite valuation rules have been notified vide Notification No.94/2009/ F.No.142/25/2009-S.O.(TPL), dated 18.12.2009 with retrospective effect from 1.4.2009. However, the new perquisite valuation rules would be applicable only for November 2010 examination. They would not be applicable for May 2010 examination, since only notifications/circulars issued up to 31st October, 2009 are relevant for May 2010 examination." Due to abolition of fringe benefit tax, there were some changes made in the rules for valuation of perquisite. But these new rules were notified on 18.12.2009 and notifications issued upto 31.10.09 are relevant for may 2010 exam. So these new rules for valuation of perquisite are not applicable for may 2010 exam.

do u mean perquisetes which would be taxable due to abolition of fringe benefit tax would be taxable using old perquisites valuation for may 2010 examinations? 

For may 2010 exam old rules for valuation of perquisite will be applicable and for November 2010 exam new rules for valuation of perquisite will be applicable.

There is just one change for may 2010 exam that perquisite which were earlier exempt in the hands of employee in case of F.B.T. paid by employer now will be taxable in the hands of all employee due to abolition of F.B.T.

@ uma

u said "car benefit to employee would now be chargeable to employee as perquisites due to abolition of FBT would not be applicable for students appearing for may 2010 attempt"

but in the RTP of may 10 pcc examination it is chargeble in the hand of employee..