fringe Benefit Tax
This query is : Resolved
17 September 2008
pls help me
is it surcharge is compulsory for fbt even though the company gross recipt not more than 1 crore
thanks
bm
is it surcharge is compulsory for fbt even though the company gross recipt not more than 1 crore
thanks
bm
17 September 2008
Yes, surcharge on FBT is payable irrespective of the figure of Total Income.
17 September 2008
Surcharge is Applicable if the value of "Fringe Benefits Exceed 1 Crore Else Tax Rate Is 30.90%.
17 September 2008
No, Mr. Nitin,
Pl read the Finance Act, 2007 carefully; Surcharge is payable on FBT amount payable by a person other than AOP or BOI irrespective of the figure of Total Income or the Fringe Benefit. Relevant Extracts from the Finance Act, 2007 are reproduced herein below for your reference:
Provided also that in respect of any fringe benefits chargeable to tax under section 115WA of the Income-tax Act, advance tax computed under the first proviso shall be increased by a surcharge for purposes of the Union, calculated,
(a) in the case of every association of persons and body of individuals, whether incorporated or not, at the rate of ten per cent of advance tax where the fringe benefits exceed ten lakh rupees;
(b) in the case of every firm, artificial juridical person referred to in sub-clause (v) of clause (a) of section 115W of the Income-tax Act, and domestic company, at the rate of ten per cent of such advance tax;
(c) in the case of every company, other than a domestic company, at the rate of two and one-half per cent of such advance tax.
Pl read the Finance Act, 2007 carefully; Surcharge is payable on FBT amount payable by a person other than AOP or BOI irrespective of the figure of Total Income or the Fringe Benefit. Relevant Extracts from the Finance Act, 2007 are reproduced herein below for your reference:
Provided also that in respect of any fringe benefits chargeable to tax under section 115WA of the Income-tax Act, advance tax computed under the first proviso shall be increased by a surcharge for purposes of the Union, calculated,
(a) in the case of every association of persons and body of individuals, whether incorporated or not, at the rate of ten per cent of advance tax where the fringe benefits exceed ten lakh rupees;
(b) in the case of every firm, artificial juridical person referred to in sub-clause (v) of clause (a) of section 115W of the Income-tax Act, and domestic company, at the rate of ten per cent of such advance tax;
(c) in the case of every company, other than a domestic company, at the rate of two and one-half per cent of such advance tax.
18 September 2008
i also agree with ca ramesh sir.
surcharge in case of co on fbt is applicable irrepective of value of fbt.
surcharge in case of co on fbt is applicable irrepective of value of fbt.
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?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- COP Surrender 2024
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- 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?
- Query for dubts
Trending Online Classes
CAclubindia
