Income Tax : Employee Stock Options Plans (ESOPs) and its different variants like Employees Stock Purchase Plans, Stock Appreciation Rights, St...
Income Tax : The Finance Bill (No.2), 2009 could be presented on Sixth of July, 2009 due to formation of new government but by that time many c...
Income Tax : New perk rules :- Under the new perquisite rules, a distinction is to be made between the car owned by the employer and the car ow...
Income Tax : Employee stock options (ESOPs) is a significant employer-granted benefit that too is subject to the above FBT /perquisite-based ta...
Income Tax : Valuation of Perquisites under Rule 3 of Income Tax Rule 1962 read with sub section 2 of section 17 of Income Tax Act, 1961 (As Re...
Income Tax : During the period April-November 2010, net direct tax collections stood at Rs.2,16,628 crore, up from Rs.1,83,822 crore during the...
Income Tax : Net direct tax collections during the period April-September 2010 stood at Rs.1,81,758 crore, up from Rs.1,52,625 crore in the sam...
Income Tax : Net direct tax collections during first four months of the present fiscal (up to July 2010) stood at Rs.85,647 crore, up from Rs.7...
Income Tax : Net direct tax collections during first eleven months of the present fiscal (up to February 2010) stood at Rs.2,78,373 crore, up f...
Income Tax : The fringe benefit tax (FBT) was strongly opposed by India Inc, but there is no doubt that it was beneficial to the employees — ...
Income Tax : In the case of Piramal Enterprises Ltd vs DCIT, ITAT Mumbai directed deletion of Fringe Benefit Tax (FBT) addition on business pro...
Income Tax : Dive into Prakash Industries Ltd vs ACIT case dissected by ITAT Delhi, detailing FBT exemptions for transport services and medical...
Income Tax : Bilfinger Neo Structo Pvt. Ltd. Vs ACIT (ITAT Ahmedabad) As regards ground relating to Employees Welfare Expenses includible in va...
Income Tax : Delhi High Court directs rectification of Amex India's tax assessment, orders refund of Rs. 45.60 crore. Get insights into the ru...
Income Tax : Singareni Colleries Company Ltd Vs ACIT (ITAT Hyderabad) AR of the assessee submitted that the amount of electricity provided to t...
Income Tax : Net direct tax collections during first quarters of the present fiscal (up to June 2010) stood at Rs.68,675 crore, up from Rs.59,4...
Income Tax : Circular No. 2/2010-Income Tax The Finance Act, 2005 introduced a levy namely Fringe Benefit Tax (FBT) on the value of certain fr...
Income Tax : Notification No. 1/2009 - Income Tax The Finance Act, 2008, w.e.f. from 1 April 2008, introduced a new concept of Electronic Meal...
Income Tax : NOTIFICATION NO 11/2008, Dated: January 18, 2008 Valuation of specified security not being an equity share in the company. 40D. Fo...
Income Tax : NOTIFICATION NO. 264/2007, DATED 23-10-2007 Valuation of specified security or sweat equity share being a share in the company. 40...
In the case of Piramal Enterprises Ltd vs DCIT, ITAT Mumbai directed deletion of Fringe Benefit Tax (FBT) addition on business promotion expenses due to absence of an employer-employee relationship.
Dive into Prakash Industries Ltd vs ACIT case dissected by ITAT Delhi, detailing FBT exemptions for transport services and medical expenses reimbursement, with expert insights.
Bilfinger Neo Structo Pvt. Ltd. Vs ACIT (ITAT Ahmedabad) As regards ground relating to Employees Welfare Expenses includible in value of Fringe Benefit Tax, the Ld. AR submitted that the details were properly filed before the Assessing Officer which were never taken into account by the CIT(A) as well as Assessing Officer. Ld. AR further […]
Delhi High Court directs rectification of Amex India’s tax assessment, orders refund of Rs. 45.60 crore. Get insights into the ruling.
Singareni Colleries Company Ltd Vs ACIT (ITAT Hyderabad) AR of the assessee submitted that the amount of electricity provided to the employees is not a Fringe Benefit as this is a contractual obligation to the employees working in coal mines which is as per the National Coal Workers Agreement ( NCWA) and this benefit is […]
Since there was no employer-employee relationship between the assessee on one hand and the doctors on the other hand to whom the free samples were provided, the expenditure incurred for the same cannot be construed as fringe benefits to be brought within the additional tax net by levy of fringe benefit tax.
Mumtaz Hotels Limited Vs DCIT (ITAT Kolkata) CIT(A) opined that the said clothes were not protective ones and they are not uniforms and not compulsory uniform under the statute. We find that the employees’ uniforms have traditionally been used as a functional necessity. It is noted from the record that the assessee assumed the financial […]
Employee Stock Options Plans (ESOPs) and its different variants like Employees Stock Purchase Plans, Stock Appreciation Rights, Stock Awards, etc, have been used by employers to attract, retain and motivate employees. ESOPs have been popular primarily in the knowledge-based industries like information technology, biotechnology, etc. However, in the recent past, they have gained prominence even in traditional industries like manufacturing.
Rashtriya Chemicals & Fertilizers Limited Vs. CIT (ITAT Mumbai) Taxes borne by the assessee on non-monetary perquisites provided to employees forms part of Employee Benefit cost and akin to Fringe Benefit Tax since they are certainly not below the line items since the same are expressively disallowed u/s 40(a)(v) and the same do not constitute […]
It is clear from the provision of section 115WB(2)(B)(i) of the Act that expenditure on food provided by the employer to the employees in an office or factory does not form part of the fringe benefit.
