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query regarding fbt

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(Querist)
18 December 2008 hello frnds,

please guide me on the following matter-

my company ABC limited has paid a bonus of Rs 20 lacs in cash to it's labour threw contractor on the occasion of deepawali. otherwise it would not pe paid..

please tell me whether the same will be liable to FBT or not..if yes please also provide the references of act or any other notfication/circulars
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CA.ViVeK M ACA

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CA.ViVeK M ACA (Expert)
18 December 2008 If the bonus is paid under the statute of payment of bonus Act, there is no levy of FBT, otherwise it would be liable for the fbt
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Jitender

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Jitender (Expert)
18 December 2008 it is not liable to fbt as the same is chargeable u/h Salary. & whatever is charged as salary , no fbt is payable on it.
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
18 December 2008 Diwali Gifts are liable for FBT, not Diwali bonus. It is fully taxable in the hands of employees. No FBT.
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
19 December 2008 No, it is taxable in the hands of recepient as salaries.

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