CAN ANYONE TELL ME WHEN SURCHARGE IS LEVIED ON FIRM & COMPANY IN THE CASE OF F.B.T?
IS IT LEVIED WHEN INCOME CROSSES 1 CRORE OR EVEN IN NORMAL CASES?
Vijay Budhwani
(AVP Tax)
(326 Points)
Replied 30 August 2008
Hi Soumyadip
Surcharge has to be levied on FBT in all cases bcoz levy of surcharge if income exceeds 1crore is for income tax purpose and not for FBT
NIKUNJ RATHI
(C.A)
(56 Points)
Replied 30 August 2008
For the purpose of FBT, surcharge has to be paid irrespective of the limit of Rs. 1 crore. you have to pay surcharge in normal cases also.
Kapil Dev Gupta
(Chartered Accountants)
(60 Points)
Replied 30 August 2008
Murali
(CA final cleared and CS final)
(102 Points)
Replied 30 August 2008
Can anyone clarify me under which section surcharge on FBT is covered?
Or which section says that surcharge is to be levied in all cases?
rr
(-)
(0 Points)
Replied 23 October 2008
surcharge is applicable for f.b.t only when it is applicable for income..
in other words surcharge is applicable only when income exceeds Rs.1 crore
(Refer G.Sekar's padhuka - Direct Taxes)
| Originally posted by :NIKUNJ RATHI | ||
| " | For the purpose of FBT, surcharge has to be paid irrespective of the limit of Rs. 1 crore. you have to pay surcharge in normal cases also. | " |
Shudhanshu Agrawal
(Business)
(2570 Points)
Replied 04 November 2008
Calculation of FBT is given under Section 115 WC of Income Tax Act. This was inserted in Finance Act 2005. The rate of Surcharge are following:
1. If employer is an AOP/BOI
If Fringe Benefit doesnt exceed Rs. 10,00,000 - NIL
If exceeds - 10%
2. If employer is Artificial Juridical Person, a firm, a domestic company - 10%
3. If employer is non-domestic company - 2.5%
4. If employer is a local authority - NIL
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