there's an amendement that fbt has been abolished..
then all the facilities provided by a co. employer to its employees were earlier taxable in the hands of co.
now will the employee be liable to pay tax on them??? (like club facility, free car, telephone facility etc.)
also has surcharge been abolished on all incomes exceeding 10lac in case of individuals, firms etc.???
Upto May-10 all the facilities provided by the comapny to its employees are taxable in the hands of company itself... From Nov-10 onwards it will be taxable in the hands of employee..(exam point of view only)
Yes, Surcharge abolished completely from AY:2010-11 for all incomes exceeding 10 lacs in case of individual and HUF.. and income exceeding 1 cr in case of companies(Domestic).. and also education cess on TDS also not there from this AY..
regards
Ramu D
CAclubindia
