|
||
 |
|
|
|
|
| Union Budget 2010 |
|
|
||||||||||||||||||||||||||||||||||||
important announcement for may 2010 pcc/ipcc/pe 2 students
uma.. (CA FINAL) (612 Points)
08 March 2010
15 Replies
manish
(Article Assitant)
(358 Points)
Replied 08 March 2010
Thanx a lot but can you plz describe it.
uma..
(CA FINAL)
(612 Points)
Replied 09 March 2010
yaaaaaa sure
it means that perquisetes which were earlier taxable to employees would be applicable to may 2010 inter students
n those perquisites which were taxable to employees if fringe benefit tax has not being paid by employer would not be applicable for may 2010 inter students . example car benefit to employee would now be chargeable to employee as perquisites due to abolition of FBT would not be applicable for students appearing for may 2010 attempt
C.Balaji
(Learner)
(1867 Points)
Replied 09 March 2010
Dear Uma......
Cannot understand what u said.........
Please elaborate..........
Please.....
uma..
(CA FINAL)
(612 Points)
Replied 09 March 2010
dear balaji
firstly thanx for asking the question
are you appearing for may 2010 inter exams in taxation paper
under income tax we have 5 heads
under the head salary, we have perquisites
now perquisites are of three types
1)perquisites taxable in the hands of all employee
2)perquisites taxable in the hands of all specified employees only
3) perquisites taxable in the hands of employee if not charged/paid as fringe benefit tax
now due to abolition of fringe benefit tax all such expenses which were liable to fringe benefit tax would now be taxable in the hands of employee as perquisites
as per the information by the icai all such perquisites which are taxable in the hands of the employee due to the abolition of FBT are not applicable to may 2010 students rather they would be applicable to nov 2010 students
i hope its cleared now
if still u have any queries
then ask , i will reply by a private message to u
regards
uma
VUELVE
(CA- Student)
(351 Points)
Replied 09 March 2010
Thank you for the explanation Uma.... even i was in a great confusion for long time since this announcement has come... thank you...!!
sunil
(CA PCC)
(37 Points)
Replied 10 March 2010
hello friends plz suggest me rgards transfer of articleship from my existing employer...............
I'm Doing articalship apart frm my native place its near to 350KM so nw i hav 2 go near native place ......
which type of reason is suitable for me except parents Transfer bcz my father occupation is Agricluture........
CA Manjith
(Senior Associate)
(154 Points)
Replied 29 March 2010
| Originally posted by : hotguy | ||
 |
when the result for pcc nov 09 revaluation result will be declared ???? |
 |
it is already declared!!!!
heard that there is no change marks for any student in alll india level
Abhishek
(Student Final)
(292 Points)
Replied 29 March 2010
| Originally posted by : uma | ||
|
|
yaaaaaa sure it means that perquisetes which were earlier taxable to employees would be applicable to may 2010 inter students n those perquisites which were taxable to employees if fringe benefit tax has not being paid by employer would not be applicable for may 2010 inter students . example car benefit to employee would now be chargeable to employee as perquisites due to abolition of FBT would not be applicable for students appearing for may 2010 attempt |
|
No you are confusing students. As you write that perquisites are of three types
1)perquisites taxable in the hands of all employee
2)perquisites taxable in the hands of all specified employees only
3) perquisites taxable in the hands of employee if not charged/paid as fringe benefit tax
The 3rd type of perquisite mentioned above were exempt in the hands of employees if employer pays FBT (Fringe Benefit Tax). As FBT Abolished w.e.f. A.Y. 2010-11 all the perquisite are taxable in the hands of employees. It is applicable for all students appearing in the May 2010 Exam. Calculation of perquisite will be made according to present rules which are applicable for those employee whose employer is not paying FBT.
Question : What is not applicable for May 2010 Exam ?
Answer : "Consequent to abolition of fringe benefit tax, certain benefits taxed earlier as fringe benefits in the hands of the employer would now be taxable as perquisites in the hands of the employees. For this purpose, new perquisite valuation rules have been notified vide Notification No.94/2009/ F.No.142/25/2009-S.O.(TPL), dated 18.12.2009 with retrospective effect from 1.4.2009. However, the new perquisite valuation rules would be applicable only for November 2010 examination. They would not be applicable for May 2010 examination, since only notifications/circulars issued up to 31st October, 2009 are relevant for May 2010 examination."
Due to abolition of fringe benefit tax, there were some changes made in the rules for valuation of perquisite. But these new rules were notified on 18.12.2009 and notifications issued upto 31.10.09 are relevant for may 2010 exam. So these new rules for valuation of perquisite are not applicable for may 2010 exam.
uma..
(CA FINAL)
(612 Points)
Replied 30 March 2010
| Originally posted by : Abhishek Sarda | ||
|
|
Originally posted by : uma yaaaaaa sure it means that perquisetes which were earlier taxable to employees would be applicable to may 2010 inter students n those perquisites which were taxable to employees if fringe benefit tax has not being paid by employer would not be applicable for may 2010 inter students . example car benefit to employee would now be chargeable to employee as perquisites due to abolition of FBT would not be applicable for students appearing for may 2010 attempt No you are confusing students. As you write that perquisites are of three types 1)perquisites taxable in the hands of all employee 2)perquisites taxable in the hands of all specified employees only 3) perquisites taxable in the hands of employee if not charged/paid as fringe benefit tax The 3rd type of perquisite mentioned above were exempt in the hands of employees if employer pays FBT (Fringe Benefit Tax). As FBT Abolished w.e.f. A.Y. 2010-11 all the perquisite are taxable in the hands of employees. It is applicable for all students appearing in the May 2010 Exam. Calculation of perquisite will be made according to present rules which are applicable for those employee whose employer is not paying FBT. Question : What is not applicable for May 2010 Exam ? Answer : "Consequent to abolition of fringe benefit tax, certain benefits taxed earlier as fringe benefits in the hands of the employer would now be taxable as perquisites in the hands of the employees. For this purpose, new perquisite valuation rules have been notified vide Notification No.94/2009/ F.No.142/25/2009-S.O.(TPL), dated 18.12.2009 with retrospective effect from 1.4.2009. However, the new perquisite valuation rules would be applicable only for November 2010 examination. They would not be applicable for May 2010 examination, since only notifications/circulars issued up to 31st October, 2009 are relevant for May 2010 examination." Due to abolition of fringe benefit tax, there were some changes made in the rules for valuation of perquisite. But these new rules were notified on 18.12.2009 and notifications issued upto 31.10.09 are relevant for may 2010 exam. So these new rules for valuation of perquisite are not applicable for may 2010 exam. |
|
do u mean perquisetes which would be taxable due to abolition of fringe benefit tax would be taxable using old perquisites valuation for may 2010 examinations?
Abhishek
(Student Final)
(292 Points)
Replied 06 April 2010
For may 2010 exam old rules for valuation of perquisite will be applicable and for November 2010 exam new rules for valuation of perquisite will be applicable.
There is just one change for may 2010 exam that perquisite which were earlier exempt in the hands of employee in case of F.B.T. paid by employer now will be taxable in the hands of all employee due to abolition of F.B.T.
rachit jain
(chartered accountant )
(635 Points)
Replied 08 April 2010
@ uma
u said "car benefit to employee would now be chargeable to employee as perquisites due to abolition of FBT would not be applicable for students appearing for may 2010 attempt"
but in the RTP of may 10 pcc examination it is chargeble in the hand of employee..
Recent Topics
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
- Claim if ITC on stocks 19-2020 conversion from com
Related Threads
CAclubindia
