FRINGE BENEFIT TAX

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Krushnal Khiraiya

Krushnal Khiraiya (Querist)
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14 April 2008 Whether there is any change in advance payment of Fringe Benefit Tax?

Sheetal Metha

Sheetal Metha (Expert)
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14 April 2008 No there is no change in Advance payment of Fringe Benefit Tax.

R.V.RAO

R.V.RAO (Expert)
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14 April 2008 NO CHANGES IN FBT RELATING TO ADV. PAYMENT WERE MADE IN BUGDGET 2008-09.

FOR BENEFIT OF OUR CA CLUB MEMBERS I REPRODUCE BELOW CHANGES MADE IN FBT PROV. IN BUDGET 08-09.

1.DEFINITION OF SPECIFIED SECURITY FOR FBT SUSTITUTED.

2.DUE DATE FOR FILING FBT RERURN FOR CORPORATES AND OTHER SPECIFIED ASSESSEES PREPONED FROM OCT 30 TH TO SEPT. 30 TH.

3.PROVISIONS INTRODUCED FOR MAKING ADJUSTMENTS FOR ARITHMATICAL ERRORS AND INCORRECT CLAIMS WHILE DOING SUMMARY ASSESSMENT OF FBT RETURNS.

4.SCHEME OF CENTRALISED PROCESSING OF FBT RETURNS INTRODUCED.

5.RECOGNITION OF FBT RECOVERED FROM EMPLOYEES AS TAX PAID BY EMPLOYEE AND ELIGIBLE FOR CREDIT UNDER ANY FOREIGN TAX LAW.

6.NO FBT INRESPECT OF EXPENDITURE ON NON-TRANSFERABLE PREPAID ELECTRONIC MEAL CARDS USABLE AT EATING JOINTS OR OUTLETS.

7.NO FBT ON EXP. ON PROVIDING CRECHE FACILITY FOR EMPLOYEES CHILDREN,SPONSORSHIP OF EMPLOYEE SPORTPERSON AND ORGANISING SPORTS EVENTS FOR EMPLOYEES.

8.NO FBT ON EXPENDITURE ON MAINTENANCE OF GUEST HOUSE ACCOMMODATION.

9.VALUE OF FRINGE BENEFITS ON ACCOUNT OF EXP. ON FESTIVAL CELEBRATIONS REDUCED FROM 50% TO 20% OF THE TOTAL EXP.

SOURCE:INDIA BUDGET 2008-ERNST&YOUNG
R.V.RAO

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