Dear All
i want to confirm whether fbt is to be calculated on total fare of Air( Including air fare and taxes) .
4 Replies
sandhya
(Article)
(96 Points)
Replied 27 February 2008
YES, Section 115WC(1)(a) provides for valuation of fringe benefits referred to in section 115WB(1)(b), at cost at which such benefits is provided by the employer to the general public.
so FBT is calculated on total Air fare(Including air fare & taxes)
CA Anil Jain
(Chartered Accountant)
(696 Points)
Replied 27 February 2008
Yes,
FBT is levied @ specified % of the Total Value of Benefits provided to the Employee.
CA. Kirti S. Ganatra
(Service)
(1461 Points)
Replied 28 February 2008
Yes on total payment. Same priciple to be follwed in case of TDS for tds related payments
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