Will LTA is liable to FBT. If yes at what rate 5% or 100%. if the employer is a software company any difference
N.J.R
(Practice)
(346 Points)
Replied 19 June 2009
Normally, LTA fall within the meaning of 'Salary'. These benefits are taxable under the head 'Salaries' subject to exemption u/s 10(5). Accordingly, it would not be liable to FBT.
However, if the LTA is not included in 'Salary' then it will be taxed under FBT in clause (F) of sub section (2) of section 115WB & accordingly be liable to FBT.
CA CS CIMA Prakash Somani
(Landmark Group)
(23502 Points)
Replied 19 June 2009
No its not liable to FBT
R.Suresh
(Sr. Executive)
(394 Points)
Replied 19 June 2009
Hi,
Normally the LTA is taxable under the head salary in the hand of Employee so there is no liability for LTA on FBT.
ashwani kumar
(account asssistant)
(36 Points)
Replied 19 June 2009
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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