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The Finance Act 2009 had abolished Fringe Benefit Tax (FBT) with effect from 1 April 2009. As a consequence, it had restored the taxation of perquisites provided by the employer, in the hands of the employee.
The new rules have now been notified by the Central Board of Direct Taxes (CBDT) vide Notification dated 18 December 2009 and are quite similar to the erstwhile perquisite rules. The amended provisions will be retrospectively effective from 1 April 2009 onwards.
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