There are lot of ambiguities in the provisions of fringe benefit tax (FBT), which have been newly introduced in the Income-Tax Act, 1961 (the Act), vide the Finance Act, 2005. Therefore, tax-payers were expecting that the explanatory notes in respect of the aforesaid provisions, to be issued by the Central Board of Direct Taxes (CBDT), would clear up the uncertainties and ambiguities, etc., which have crept there into
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government on being satisfied that it is necessary in the public interest to do so, hereby makes the following further amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue) No.55/2001-Customs, dated the 16th May,2001, which was published in the Gazette of India, Extraordinary, vide number G.S.R.360(E), dated the 16th May,2001, namely.
