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FBT???

RAMANJU (here to updating the knowledge) (485 Points)

08 July 2009

Is FBT fully abolished or certian Fringe benefits provided by employer to employees are abolished? Pls read the text in the budget coverage.

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8 Replies

(Guest)

Hi Ramanju,

our respected Finance Minister, Mr Pranab mukherjee, has made the statement "I propose to abolish Frienge Benefit Tax". So the entire provision related to FBT shall henceforth be abolished in its entirety.

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rajesh bala (Senior consultant) (35 Points)
Replied 08 July 2009

any idea how the componens would change in the compensation structure? Since the re-imbursement components are not being taxed at employer (No FBT).

are all reimbursemenet components are taxed at individual employees and what percentgae?

any inputs?

thanks

Ankush Juneja (Trainee) (73 Points)
Replied 08 July 2009

Hello sir

I want to ask

will we have to charge FBT for C.Y 2008-09, means A.Y 2009-10 or not or not charging of F.B.T will be applicable from next year i.e A.Y-09-10.

praveen (Chartered Accountant) (6971 Points)
Replied 09 July 2009

FBT is abolished only for AY 2010-11 not for AY 2009-10 hence you have to discharge your FBT liabiliyt

CA CS Bhumika Thakkar (CA,CS) (1618 Points)
Replied 09 July 2009

d finance bill has not been passed yet..will pass in bout 2 weeks n become an act..our FM will clarify thgs by den..FBT is abolished..bt der is no clarification on whether d perks wud b taxable 2 employees or not..as d FM was mum on it..