FBT
Querist : Anonymous
Querist : Anonymous
Fringe Benefit Tax [Section 115w (B)]
“Fringe Benefit Tax” or “Tax” means the tax chargeable under section 115WA.
Fringe Benefit Tax helps in eliminating discretion. Under FBT, scope for evasion is very very limited. FBT will increase effective rate of corporate tax by 1 to 1.5%. FBT is one method of requiring corporates to pay a little more tax.
Applicability:
The Fringe Benefit tax is a tax to be paid by an employer in addition to the income tax payable for every assessment year starting from the assessment year 2006-07.
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