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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.
May 20, 2024 · Fringe benefit tax was a 30% tax on non-salary benefits provided by employers to employees, but it was abolished in 2009. Learn about the types of fringe benefits, the exemptions under Finance Act, and the income tax implications for employees.
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.
The note explains the nature, recognition and measurement of Fringe Benefits Tax, an additional income-tax payable by employers in India. It also provides guidance on the presentation of Fringe Benefits Tax in the financial statements of companies.
Learn how to report and pay taxes on fringe benefits provided to employees, such as health insurance, transportation, education, and more. Find out the latest rules, rates, exclusions, and exceptions for 2024.
Learn about the taxation of non-cash employee benefits in different countries, such as Australia, New Zealand and India. Find out the rationale, scope and laws of fringe benefits tax (FBT) and its impact on equity and fairness.
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.
