In case of employer being a company, FBT on motor car perquisites were paid by the Companies and in case of employer being an individual, tax on perquisites received was paid by the employees. Now that FBT is abolished is there any notification as to whether the tax on perquisites is to be paid by the employees in a case where the employer is a company? If so please tell me from when it is applicable and where can I get the notification from?
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Valuation of Perquisites recevied by the employees
Replies (1)
Refer Rule 3 of the Income tax act(Perquisite valuation) which states if FBT is not applicable, then the same would apply. To my knowledge there is no recent circular/notification regarding the treatment of perquistes after abolishing FBT.
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