FBT......................
This query is : Resolved
21 November 2008
Dear Sir,
We are giving daily allowance Rs.100 per day as per attendence wise to our sales executive for visiting to distributor,fooding, conveyance & others. So tell me sir, FBT required to pay on this daily allowance.
We are giving daily allowance Rs.100 per day as per attendence wise to our sales executive for visiting to distributor,fooding, conveyance & others. So tell me sir, FBT required to pay on this daily allowance.
21 November 2008
If it is a allowance, a form part of salary. It is taxable in the hands of employee. Hence No FBT.
21 November 2008
If the terms of employment so provides, it is part of salary and hence no FBT is payable.
21 November 2008
Dear sir,
We have not mention this daily allowance their appointment letter. We pay this daily allowance through separate voucher. We exclude this daily allowance from any statutory deduction and not showing this amount in pay slip. So, is it required to pay FBT on this?
We have not mention this daily allowance their appointment letter. We pay this daily allowance through separate voucher. We exclude this daily allowance from any statutory deduction and not showing this amount in pay slip. So, is it required to pay FBT on this?
21 November 2008
If there is any fixed allowances to employees without any reimbursements, not including salary and not the expenses actually incurred by the employee it will be treated as Fringe benefits. Taxable value u/s 115WC is actual value. (Ie 100%) (not 20% or 5%).
Guest
Guest
(Expert)
21 November 2008
what max. you can do is that you could ask form your sales executive a supporting showing that they has made real expenditure and you are rembursing the same.
by this you can avoid your FBT liability and this amount is also not taxable in the hand of your employees, further you could very leagly claim the expenditure through your profit and loss account.
by this you can avoid your FBT liability and this amount is also not taxable in the hand of your employees, further you could very leagly claim the expenditure through your profit and loss account.
22 November 2008
It is in the nature of reimbursement and it seems that the same is not a component of salary payable to such employess. In such a case FBT will have to be paid.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Applicability
- Is Aadhar PAN linking required for opening bank account?
- Where to show the RCM on Rent paid to unregistered landlord
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Application of 115BAC
- RCM - commercial rent paid to URP under GST
- Offsetting interest income against derivative trading losses
- TDS NUMBER SURRENDER
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
