Income Tax : Understanding Section 194R of the Income Tax Act 1961. Is it double taxation or an entry for fringe benefit tax? Find out the impl...
Income Tax : The penalty provisions of section 271FB of the Income Tax Act applies to all the employer (who paid fringe benefits to its employe...
Income Tax : Employee Stock Options Plans (ESOPs) and its different variants like Employees Stock Purchase Plans, Stock Appreciation Rights, St...
CA, CS, CMA : Consequent to abolition of fringe benefit tax, certain benefits taxed earlier as fringe benefits in the hands of the employer woul...
Income Tax : With virtually no reprieve from the tax burden on their pay packages and continuing anomalies and inequities, the new rules for va...
Income Tax : The Direct Taxes Code 2009 is now on the back burner. The Union finance ministry has veered round to the view that its bold move t...
Income Tax : The Central Board of Direct Taxes have decided that any instalment of advance tax paid in respect of fringe benefits for assessmen...
Income Tax : Income tax refunds may get delayed for a fortnight, following a complete revamp of security buffers in the computer software syste...
Income Tax : The government will allow companies to adjust the fringe benefit tax (FBT) paid by them against the advance tax due in the March q...
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 : Dive into Prakash Industries Ltd vs ACIT case dissected by ITAT Delhi, detailing FBT exemptions for transport services and medical...
Income Tax : ITAT Delhi held that fringe benefit tax is an allowable deduction in computing book profit as per Section 115JB of the Income Tax ...
Income Tax : Bilfinger Neo Structo Pvt. Ltd. Vs ACIT (ITAT Ahmedabad) As regards ground relating to Employees Welfare Expenses includible in va...
Income Tax : Jyoti Ltd. Vs DCIT (ITAT Ahmedabad) Solitary issue involved therein relates to the addition by Assessing Officer and confirmed by ...
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 : 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...
Income Tax : By virtue of the provision of clause (d) of sub-section (1) section 115 WB, introduced by Finance Act, 2007, an employer is liable...
ITR-1 return of income for individuals having income from salary/ pension/ family pension and not having any other income except income by way of interest Chargeable to income-tax under the head Income from other sources; (ii) ITR-2 return of income for Individuals and Hindu Undivided Families (HUFs) not having any income under the head Profits or gains of business or profession;
Rationalisation of the provision of the Fringe Benefit Tax Sub-section (2) of section 115WB of the Income tax Act provides that where an employer incurs any expenditure, inter alia, for the purposes of entertainment, hospitality, conference, and sales promotion (including publicity), such employer shall be deemed to have provided fringe benefits to its employees. Section […]
The Central Board of Direct Taxes (CBDT) had issued circular number 9, dated 20th December, 2007, clarifying therein certain issues relating to levy of FBT on ESOPs. One of the clarifications was that if FBT on account of share allotted or transferred under ESOPs has been paid by the employer, but recovered from an employee, […]
The Finance Ministry has turned down a Commerce Ministry proposal to provide relaxation to exporters, reeling under the impact of the global financial meltdown, from payment of FBT, saying such benefits cannot be granted to one section of taxpayers. The issue of relaxing the Fringe Benefit Tax (FBT) norms for foreign travel undertaken for export […]
Mr Rajinder Hinduja, Executive Director (Finance), Gokaldas Exporters, expressed concern over the delay in the refund of taxes linked to levies like service tax and others. Mr Hinduja also pleaded for a clear stand on the 100 per cent export oriented units, which enjoyed tax exemptions. However, with the concession expected to expire in 2009, the exporters would be pushed to dire straits, he said. Mr Ravi Vshwanath, CFO of Sun Microsystems said though the bigger software companies had, to an extent managed the impact of the stronger rupee through costreduction, but smaller units that were reeling under the problem.
In the wake of the Satyam fiasco, the Income-Tax department now wants more manpower and technical assistance for its investigation wing and closer scrutiny for TDS returns. The department, in its recent report being prepared for cadre review and restructuring, being done after eight years, will submit these suggestions to the government. “With the recent […]
Though happy with the fact that troubled IT major Satyam Computer Services had paid income tax on unreal profits — as claimed by its chairman B Ramalinga Raju — the income-tax department is planning to re-examine the exemptions the company had claimed under the income tax regulations.
Notification No. 1/2009 – Income Tax The Finance Act, 2008, w.e.f. from 1 April 2008, introduced a new concept of Electronic Meal Cards (‘EMC’), for the purpose of Fringe Benefit Tax (‘FBT’) on hospitality expenses. Hospitality expenses do not include any expenditure incurred by an employer on provision of EMCs1, which fulfils the prescribed conditions. Accordingly, FBT will not be payable on expenditure incurred on such EMCs. Hospitality expenses are valued at 20% of the expense incurred for the purpose of FBT (except in case of certain industries).
Foreign nationals working in India will be exempt from fringe benefit tax (FBT) on the cost of transportation from their residence to the workplace, according to a Supreme Court ruling. Responding to a petition filed by an Australian firm, R&D Falcon (A) PTY, the apex court overruled an earlier decision by the Authority for Advance Ruling (AAR), a quasi judicial body for resolving tax disputes involving foreigners.
Due Date of Tax Audit Preponed to 30th September. No change in ceiling of Rs. 40 Lacs under section 44AB. DIRECT TAXES -No change in corporate income tax rate. Income Tax exemption rates raised from 1.1 lakhs to 1.5 lakhs across the board. Exemption limit for women raised to 1.8 lakhs and for senior citizen raised to 2.25 Lakh. Fresh Facilities, Encouragement To Sports And Guest Houses Exempted From Fringe Benefit Tax.
