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...
When the language of Section 115WA and 115WB is clear and unambiguous and even the intention of the legislature while enacting sections 115WA and 115WB(2) is very clear i.e. with respect to the deemed fringe benefits, neither there is any scope for either literal and/ or purposive interpretation nor there is any occasion to consider the intention and for that purpose the speech of Honourable Prime Minister in the Parliament.
During the period, when FBT was applicable, appellant considered reimbursements to employees under holiday home scheme to be liable to FBT under section 11 5WB(2)(G), i.e. expenditure for use of hotel, boarding and lodging facilities.
First is the issue of entertainment expenditure. The stand of the assessee is that the provisions of FBT can be invoked in respect of expenses which are incurred on employees or their family members but in the present case, as mentioned on page No.5 of the paper book, the entertainment expenses have been incurred for guests of the company, which has not been disputed by the Revenue. So same are not liable to be subjected to provisions of section 115WB(2) of the Act.
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 same period last fiscal, registering a growth of 17.85 percent and crossing 50 percent of the BE target of Rs.4,30,000 crore for fiscal 2010-11.
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 same period last fiscal, registering a growth of 19.09 percent in H-1 against the Budgeted annual growth target of 13.67 pe
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.73,990 crore in the same period last fiscal, registering a growth of 15.75 percent. Growth in Corporate Income Tax was 20.95 percent (Rs.51,627 crore as against Rs.42,685 crore), while Personal Income Tax (including STT, and residual FBT and BCTT) grew at 8.51 percent (Rs.33,940 crore as against Rs.31,279 crore).
Net direct tax collections during first quarters of the present fiscal (up to June 2010) stood at Rs.68,675 crore, up from Rs.59,465 crore in the same period last fiscal, registering a growth of 15.49 percent. Growth in Corporate Taxes was 21.65 percent (Rs.43,439 crore as against Rs.35,709 crore), while Personal Income Tax (including STT, and residual FBT and BCTT) grew at 1.24 percent (Rs.24,075 crore as against Rs.23,780 crore).
Net direct tax collections during first eleven months of the present fiscal (up to February 2010) stood at Rs.2,78,373 crore, up from Rs.2,58,902 crore in the same period last fiscal, registering a growth of 7.52 percent. Growth in Corporate Taxes was 10.89 percent (Rs.1,80,318 crore as against Rs.1,62,617 crore), while Personal Income Tax (including STT, and residual FBT and BCTT) grew at 1.84 percent (Rs.97,692 crore as against Rs.95,930 crore).
Circular No. 2/2010-Income Tax The Finance Act, 2005 introduced a levy namely Fringe Benefit Tax (FBT) on the value of certain fringe benefits as contained in Chapter XII H (Sections 115 W to 115 WL) of Income Tax Act, 1961. By the Finance (No. 2) Act, 2009 a new Section 115 WM was inserted to abolish the FBT with effect from Assessment Year (A.Y.) 2010-11. Consequently, benefits given to employees are taxed as perquisites in the hands of employees in terms of amendments to Clause 2 of Section 17 of Income Tax Act, 1961.
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 corporate assessees had already paid the first instalment under the belief that the Finance Bill has yet to be accorded consent by the President and is not final. The advance tax in respect of FBT which was payable for the quarter ending 30th of June, 2009 by 15th of July, 2009 was paid erroneously by many of them.
