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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. An employer has to pay Fringe Benefit Tax even if no Income-Tax is payable on the total income.
Apr 2, 2024 · 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.
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.
Apr 1, 2006 · Fringe benefit tax (FBT) was a form of tax that companies paid in lieu of benefits they offered their employees in addition to the compensation paid to them. It was included by the Finance Act 2005 with effect from April 1, 2006.
Know more about Fringe Benefit Tax in India. It is the tax paid by the employer on the fringe benefits given to the employees. ✓ Rates ✓ Exemptions.
Jun 20, 2009 · The Central Board of Direct Taxes has issued a list of frequently asked questions with answers on Fringe Benefit Tax, clarifying some issues raised by the trade.
Fringe Benefits Tax is tax payable by an employer in respect of fringe benefits provided or deemed to have been provided by the employer to his employees during the previous year. Fringe Benefits Tax is in addition to the income-tax charged under the Act. Fringe Benefits Tax is payable at the specified rate on the value of fringe benefits.
The Finance act, 2009 has withdrawn the Fringe Benefit Tax. Thus, the FBT stands abolished w.e.f. A.Y. 2010-11 and now such perquisites are taxable in hands of employees. Source: Income Tax...
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. The fringe benefit tax was temporarily suspended in the 2009 Union budget of India by the then Finance Minister Pranab Mukherjee.
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.
