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Is FBT applicable for the AY 2010-11

Others 9620 views 23 replies
well then is providing car to a employee a perqusite. Because earlier when FBT was present it was not included as the company would pay FBT. Now what might be circumstance.

I WANT FBT CALCULATION FORMAT AND TAX RATES CHART . PLEASE .......

Is FBT is applicable for FY 09-10? if no then notification

 

FBT IS ABOLISHED W.E.F. 01/04/2009 I.E. FROM AY 2010-11

Employer should value prequisites as per rule 3 of the Income tax Act, in place of FBT wherever applicable

no FBT IS ABOLISHED NOW AND ADVANCE FBT PAID WILL BE TREATED AS ADVANCE TAX FROM A.Y. 2010-2011.NOW FBT WILL BE TREATED AS PERQUISITE TAXABLE IN THE HANDS OF EMPLOYEE AND EMPLOYER HAS NOW TO DEDUCT TDS WHILE MAKING PAYMENT OF FRINGE BENEFITS

no FBT IS ABOLISHED NOW AND ADVANCE FBT PAID WILL BE TREATED AS ADVANCE TAX FROM A.Y. 2010-2011.NOW FBT WILL BE TREATED AS PERQUISITE TAXABLE IN THE HANDS OF EMPLOYEE AND EMPLOYER HAS NOW TO DEDUCT TDS WHILE MAKING PAYMENT OF FRINGE BENEFITS

Yes FBT is abolished. The FBT alredy paid is treated as advance tax vide circular issued on 29-01-2010 

 

not applicable


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