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What is Fringe Benefits Tax (FBT)?
What are fringe benefits?
What are the salient features of Fringe Benefits Tax?
Are fringe benefits taxable in India?
Fringe Benefit Tax is levied in addition to the Income-Tax charged. Fringe Benefit Tax is payable at the specified rate on the value of fringe benefits provided to the employees. The value of fringe benefits is calculated in accordance with the provisions of Section 115WC of the Income-Tax Act, 1961.
Introduction to Fringe Benefits. Some benefits are offered to salaried employees other than their basic salary. These are called fringe benefits. These fringe benefits are offered based on the employees’ performances or a specific service provided by the employees.
Jun 20, 2009 · FBT is payable on the value of fringe benefits provided or deemed to have been provided to employees based in India and determined on a presumptive basis in accordance with the provisions of section 115 WC of the Income tax Act. The value of such fringe benefits is determined, inter alia, as a proportion of the total amount of expenses incurred ...
May 20, 2024 · Fringe Benefit Tax (FBT) is a tax on the benefits provided by an employer to its employees in addition to their salaries. Learn about the types of benefits covered under FBT, the FBT rates and calculations, and the compliance requirements for employers.
Fringe Benefits Tax is payable at the specified rate on the value of fringe benefits. The value of fringe benefits is calculated in accordance with the provisions of section 115WC of the Income-tax Act, 1961, reproduced in the Annexure to this Guidance Note.
The fringe benefits tax (FBT) was the tax applied to most, although not all, fringe benefits in India. A new tax was imposed on employers by India's Finance Act 2005 from the financial year commencing April 1, 2005. [1] The fringe benefit tax was temporarily suspended in the 2009 Union budget of India by the then Finance Minister Pranab ...
Aug 22, 2009 · Fringe Benefit Tax (FBT) is fundamentally a tax that an employer has to pay in lieu of the benefits that are given to his/her employees. It was an attempt to comprehensively levy tax on those benefits, which evaded the taxman.
