Lets discuss about FBT.
10 Replies
M.Sriram Shenoy
(CA Final)
(814 Points)
Replied 11 February 2008
What do you want in FBT? any specific questions?
Srinivas Sharma KN
(Tax Consultant)
(292 Points)
Replied 11 February 2008
Please write the question or give the problem.
Charudatta Kulkarni
(Asst Manager)
(130 Points)
Replied 11 February 2008
FBT is the tax to be paid by employer on the benefits or perks provided to its employees like mobile,travelling,conveyance,staff welfare etc
CA Dushyant Maharishi
(CA)
(178 Points)
Replied 11 February 2008
The FBT is the fringe benefit tax which is paid by the employer for certain exp. providing to the emplyees on certain rates. and is applied to all except individual and proprietory firm
Pandiri Ramu
(Business Analyst)
(613 Points)
Replied 11 February 2008
FBT is provided by the employer its not in part of salary. we can get like mentioned above and for this 20% of amount considered for tax on that amount govt. charge the tax
S.Srinivasaraghavan
(Chief Financial Officer and Co)
(11318 Points)
Replied 12 February 2008
It is stated in section 115WA itself.
1) It is tax in adition to Incometax
2) It is in respect of fringe benefits provided or deemed to have ben provided by an employer to his employee.
3)Provided/Deemed to have been provided have been listed under section 115WB(1) and 115WB(2).
M.Sriram Shenoy
(CA Final)
(814 Points)
Replied 12 February 2008
FBT is payable by an employer on the value of fringe benefits;
- Provided or
- deemed to have been provided to employees.
FBT not to include any perk in respect of which tax is paid or payable by the employee. FBT paid is not allowed as a deduction.
FBT is payable;
On revenue as well as capital expenditure by the person incurring the expenditure even if he has been reimbursed.
FBT is payable even if the employer is not liable to pay income tax.
Magesh R
(Student)
(53 Points)
Replied 12 February 2008
Note one important point that no FBT is payable on such expense which has been disallowed
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