Fringe Benefit Tax
This query is : Resolved
14 April 2008
I refer to the information given by sheetal Metha of india budget 2008-09.
I believe Earlier FBT is payable on quarterly basis based on the actual expenditure incurred in that particular quarter. The due date for payment of at this stage is 15th of the subsequent month for which that particular quarter ends.
Now FBT is also payable as Advance Tax based on the estimated expenditure figures where due dates of payment is similar to that of Advance Tax payment of Income Tax.
I hope some body will correct me if I am worng.
Regards,
I believe Earlier FBT is payable on quarterly basis based on the actual expenditure incurred in that particular quarter. The due date for payment of at this stage is 15th of the subsequent month for which that particular quarter ends.
Now FBT is also payable as Advance Tax based on the estimated expenditure figures where due dates of payment is similar to that of Advance Tax payment of Income Tax.
I hope some body will correct me if I am worng.
Regards,
14 April 2008
YES, FBT IS PAYABLE AS ADV. TAX LIKE INCOME TAX AS PER ADV. TAX DUE DATES FOR INCOME TAX PURPOSE.
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
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Import license renewal
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
