M.Sriram Shenoy
(CA Final)
(814 Points)
Replied 18 March 2008
Mr.Ravi Jagetiya, dont worry.FBT is applicable only for cars and aircrafts.It doesnot apply for two-wheelers.So go ahead and work cool.
Ravi Jagetiya(CA Final)
(Articled assistant)
(191 Points)
Replied 18 March 2008
thanks dear
One more thing as u know medical reimbursemnt up to 15000 is exemp , but employee is reimbursed over to the limit whether it comes in FBT criteria or note.
M.Sriram Shenoy
(CA Final)
(814 Points)
Replied 18 March 2008
Upto Rs.15,000.00, medical reimbursements are exempt in the hands of the employee, but the employer has to pay FBT on such amount.
If medical reimbursement exceeds Rs.15,000.00, then the amount exceeding Rs.15,000.00 will be taxable in the hands of the employee.
Anil
(1638 Points)
Replied 18 March 2008
Medical reimbursement up to Rs 15,000 will be chargeable under FBT and any excess reimbursement shall be taxed as perquisite in the hands of employee.
Refer the link:
Live class on PF & ESI Enrollment & Returns Filing(with recording)
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