if a concern is covered under presumptive tax, will FBT apply.
Let say, if he is assessed under 44AE, then will he be covered under the ambit of FBT.
Provide section and notification in support of you response.
Regards
Piyush
if a concern is covered under presumptive tax, will FBT apply.
Let say, if he is assessed under 44AE, then will he be covered under the ambit of FBT.
Provide section and notification in support of you response.
Regards
Piyush
I agree with the view of Tinku
u/s 115w Irrespective of wether a Person Is liable to pay Tax Or not under any section of the income tax, every person other than individual, hindu undivided family, political party , government company (Both central and state) and institution registered u/s 12AA or exempt u/s10(23C) is liable to pay fringe benefit tax if the employer as defined U/S 115w has provided any fringe benefit as defined U/S 115wc to any employee working in his organisation.
So it can be said that we need look at wether the said person is covered by defintion of employer defined U/s 115w to decide wether that person is subject to fringe benefit tax or not .
First of all make the distinction between Income Tax and FBT. Income tax is Tax on income and FBT is Tax on expenditure.
Even in case of presumptive taxation, the FBT will be levied separately and not included in the income tax.
CAclubindia
