Hi all,
My company is distributing sweets to employees for diwali festival, is it attracting FBT ?
8 Replies
Vidya
(Service)
(40 Points)
Replied 07 November 2007
Yes, it is taxable under Sec 115WB(2)(L) to IT Act, 1961.
Ankit Dangayach
(Chartered Accountant)
(691 Points)
Replied 07 November 2007
Yes ,these expenses are liable to FBT U/S 115WB(O) i.e Gifts
Vidya
(Service)
(40 Points)
Replied 07 November 2007
No these do not come under 115WB(o) as these are not gifts. They are taxable under Festival celebrations u/s 115WB(2)(L)
Adv. S Sharma
(Lawyer)
(574 Points)
Replied 07 November 2007
hi
m agree with Vidya
it is taxable under the head Festival Celebration under section 115WB(2)(L)
Praveen Babu
(IT Auditor)
(113 Points)
Replied 07 November 2007
i too agree that it is taxable under Festival celebration 115WB(2)(L)
CA. Vineet Grover
(Chartered Accountant)
(1538 Points)
Replied 07 November 2007
Vidya is absolutely correct. Expenses for distribution of sweets shall be covered u/s 115WB(2)(L) and the value of fringe benefit shall 50% of such expenses
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