This Query has 1 replies
As per the Income-tax Act, 1961 FBT paid on ESOP's can be recovered by the employer from the employee. The same would not be taxable in the hands of employer
I'm of the view, that the recovery of FBT on other fringe benefits should also be not taxable in the hands of the employer on the following grounds:
1) FBT is not an allowable expenditure for the purpose of computation of the business income.
So, when an expenditure is not allowable for the purpose of computation of business income anything recovered towards the same should not be taxable.
2) Moreover the FBT recovered from the employee would not be treated as tax paid by him for computation of his tax liability.
Kindly give your opinion on the above.
This Query has 10 replies
Hallo
I have filed a return for A Y 07-08 with tax Tax payment But unfortunatly I have assumed Standerd Deduction of Rs 110000 instead of Rs 100000 so tax liablity should increase by 1000.
I have filled return on 31st march 2008
So what will happen now/What should I do now
1] Revised retun is not possible because filled on 31st march?
2]Pay Tax with penalty ie 1000+2%+penalty ?
3] wait for notice?
4] any other way?
Please suggest
Thanks
Omkar
This Query has 4 replies
i want to file for income tax returns.im not a salaried person, but self employed.so i keep getting cheques,but all my cheques have a tds cut.so pls help what do i do?
This Query has 3 replies
Hello Sir,
One of my client taken a loan from ICICI bank Rs 500000/- and they are under an obligation to repay the same on monthly basis.
Can You please explain the legal requirement as per section 269SS and 269T of Income Tax Act 1961?
Thanks in Advance!!!
This Query has 4 replies
if a manufacturing concern is using its own product for extracting another product does vat apply to them
This Query has 1 replies
WHETHER A UNIT ORIGINALLY FORMED AS EOU IN F.Y.2003-2004 CAN AVAIL DEDUCTION UP TO F.Y.2009-2010 ?
This Query has 2 replies
If I have raised bill for electroplating to a customer in which I have not specifically charged VAT but charged service tax & VAT on the net amount, is it correct to deduct tax at soucre?
This Query has 1 replies
Hi Friends,
I have one Queery for Shares Account
If a person doing Share Business in a Single code and also give the bill to his client whether it is an acceptable in point of view income tax and accounting? What dificulties will be face for doing so?
This Query has 4 replies
XYZ PVT. LTD. HAS ENTERED INTO AN LEASE AGREEMENT WITH ABC.LEASE PERIOD 60MONTHS(2lacs*60).EVEN IF THE LESSEE WANTS TO TERMINATE IN BETWEEN CO HAS TO PAY RENT FOR BAL LEASE PERIOD. AFTER 12 MONTHS XYZ LTD WISHES TO TERMINATE THE AGREEMNT.THUS WAS BINDING TO PAY THE LEASE RENT FOR BAL PERIOD OF 48 MONTHS(2lacs * 48).AFTER NEGOTIATING THE LESSOR AGREED TO TERMINATE THE AGREEMENT WITHOUT CHARGING ANY PENAL RENT FOR BAL LEASE PERIOD PROVIDED THE CO. WILL NOT BE COMPENSATED FOR THE FURNITURE WORK DONE(60 lacs) AND THE DEPOSIT(5lacs) WILL NOT BE REFUNDED.
QUERRY:-
1.UNDER WHICH PROV OF THE IT ACT THE ASSET CAN BE DELETED FROM THE BLOCK?THERE ARE OTHER ASSETS IN THE BLOCK.
2.IS THE TRANSACTION LIABLE FOR TDS?IF YES, A) What should be the amount?(penal rent or book value + depoit)B) Under which section 194I or 194C?
This Query has 2 replies
What is the vat % on petrol? Give details.
Awaiting your valuable guidence.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
Recovery of Fringe Benefit Tax