FBT is abolished with effect from which date ??
Say a person has been awarded a holiday tour by the company for his performance which was availed in September 09... will it taxable as perquisites??
CA AYUSH AGRAWAL
(Kolkata-Pune-Mumbai)
(26986 Points)
Replied 02 December 2009
Yes,it will taxable as perquisite in hand of employee,
machender
(student)
(190 Points)
Replied 02 December 2009
Dear aishwaryaa,
FBT has been abolished in the finance act, 2009.
that means FBT will not be applicable for assesees w.e.f 2010-2011 assessment year.
in your case, as the previous year in which that event occured is related to 2010-11 assessment year FBT will not be attracted to that.
Harshal
(Article Assistant )
(182 Points)
Replied 02 December 2009
perfect opinion by ayush...It would be taxable in the hands of the employee...
MITU....
(ARTICLE Assistant)
(210 Points)
Replied 02 December 2009
as per section 115WM nothing contained in this chapter shall apply, in respect of any assessement for the assessement year commencing on 1st day of April 2010 or any subsequent assessement year
CA Rahul Jain
(CA)
(1162 Points)
Replied 02 December 2009
FBT abolished from AY 2010-2011. that means from the accounting year beginning on 01-04-2009.
In your case, the perquisities is to be taxable in the hands of the employee
CA. Varun Soni
(Chartered Accountant)
(201 Points)
Replied 02 December 2009
FBT is abolished from financial year 2009-10 i.e April, 2009...
Yes it will be taxable as perks in the hands of the employee
NANDINI MASAND
(learner )
(330 Points)
Replied 03 December 2009
agree will be taxable in the hands of employee
Nilesh
(Chartered Accountant)
(109 Points)
Replied 03 December 2009
Fine FBT has gone from FY09-10.But since budget came after Jun 09 , what about the Companies who have paid the advance FBT for Jun quarter.What is the procedure for getting back that FBT which we paid in Jun as a advance FBT
aishwaryaa .v
(Direct tax)
(78 Points)
Replied 08 December 2009
thanks all..
Nilesh,
The FBT already paid by the companies shall be allowed to be set off against Income tax payable though it is not specifically mentioned in the budget..( as given in CA Journal August, 09 in the article on budget by CA Ved Jain)
CA Harshad Deshpande
(CA, B.Com)
(347 Points)
Replied 08 December 2009
FBT abolished in the Finance Act,2009 w.e.f. from the accounting year beginning on 01-04-2009.
In this case, the perquisities is to be taxable in the hands of the employee
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