Ad Free CAclubindia and Daily Updates on your Mobile. Subscribe Now!

FBT Paid Salary

Hema Desai (PRACTICING CA AND ENTERPRENEUR) (92 Points)

04 May 2009

Can anyone help me with this?

Where to display FBT Paid Salary Component in Form No 16 (Salaries)?

For Ex: If the FBT is paid "on Car Expenses reimburssed to Directors" and it is part of Directors Remunuration then what is to be mentioned in TDS Certificate; Gross Salary inclusive of Car Exps or Net Salary after car Exps.?

Besides what would be displayed in "Form no 24Q; Q IV" Taxable Salary or Gross Salary?

Even in Quarterly Return one should mention Taxable Salary per month or Gross Salalry permonth in "Annexure" Details

Thank You

Hema Desai

Reply
Follow
Share

2 Replies

Piyush Jain (CA) (283 Points)
Replied 04 May 2009

Hema, Car expenses is a perquistie which will be not taxable in the hand of director. So while preparing 24Q you can mention the same in tax free perquistie ( or allowance) as the case may be. The same will be reflected accordingly in form No. 16 as well.

Hope this will help

Regards

Piyush