Fringe benefit tax
This query is : Resolved
ravi verma
(Querist)
08 July 2009
Dear members
We r a properitor ship and fringe benefit tax not applicable on us till finance bill 2009.we were providing perks like telephone and petrol to our employees..but now fringe benefit is removed..now my question is that our firm has no libilty for FBT as removed then emplyee has to pay tax on that perks or not??
We r a properitor ship and fringe benefit tax not applicable on us till finance bill 2009.we were providing perks like telephone and petrol to our employees..but now fringe benefit is removed..now my question is that our firm has no libilty for FBT as removed then emplyee has to pay tax on that perks or not??
Ratan Sharma
(Expert)
08 July 2009
No, not at all. Employees need not treat this amount as perks in their hands.
08 July 2009
Those expenses on which FBT was payable are included in the valuation of perquisites on the abolishion of FBT.
ravi verma
(Querist)
09 July 2009
Thanx Mr Chackrapani But as FBT was not applicable on Prop'ship then on the abolishment of FBT how can we treat or add the value of that perks while valuing employee taxable income??
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