FRINGE BENIFIT TAX
This query is : Resolved
19 February 2008
if the income is exempt from tax will FBT be applicable?
19 February 2008
A PERSON IS LIABLE FOR FRINGE BENEFIT TAX EVEN IF HE DOES NOT HAVE ANY INCOME CHARGEABLE TO INCOME TAX.
FOR EXAMPLE A COMPANY HAVING AGR. INCOME EXEMPT UNDER SEC 10 IS STILL LIABLE FOR PAYMENT OF FBT IF OTHER CONDITIONS ARE SATISFIED.
FBT IS NOT PAYABLE BY A TRUST,FUND OR INSTITUTION OR A COMPANY REGD. UNDER SEC 25 OF COMPANY'S ACT IF ITS INCOME IS EXEMPT UNDER SEC 10(23C) OR IS REGISTERED UNDER SEC 12AA OF INCOME TAX ACT.
R.V.RAO
FOR EXAMPLE A COMPANY HAVING AGR. INCOME EXEMPT UNDER SEC 10 IS STILL LIABLE FOR PAYMENT OF FBT IF OTHER CONDITIONS ARE SATISFIED.
FBT IS NOT PAYABLE BY A TRUST,FUND OR INSTITUTION OR A COMPANY REGD. UNDER SEC 25 OF COMPANY'S ACT IF ITS INCOME IS EXEMPT UNDER SEC 10(23C) OR IS REGISTERED UNDER SEC 12AA OF INCOME TAX ACT.
R.V.RAO
20 February 2008
EVERY PERSON SHALL BE LIABLE FOR FBT EXCEPT CO'S REGD UNDER SEC 25 OF CO'S ACT ,TRUST,INSTITUTION .IF THE COMPANIES PROFIT IS EXEMPT U/S 10,10A,10B EVEN THAN THE COMPANY IS LIABLE FOR FBT
20 February 2008
Under Section 115 FBT is applicable if:-
1.There is Employer-employee relationship.
2.Any expense incureed is covered under specified 18 items described under the section.
There is no criteria of Income or Loss in the Business. even if there is loss FBT is aplliacble.
1.There is Employer-employee relationship.
2.Any expense incureed is covered under specified 18 items described under the section.
There is no criteria of Income or Loss in the Business. even if there is loss FBT is aplliacble.
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