Income Tax : Learn about Fringe Benefit Tax (FBT), a former Indian tax on employers. This guide covers its introduction, controversial rules, a...
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 : 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 : The Madras High Court ruled that medical reimbursements up to ₹15,000 per employee cannot be subjected to Fringe Benefit Tax in ...
Income Tax : The ITAT Delhi held that free tickets, hospitality, conveyance, goods, and lodging expenses attracted Fringe Benefit Tax under the...
Income Tax : The Tribunal held that advertising and sales promotion expenses incurred on dealers and third parties cannot be treated as fringe ...
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 : 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...
32. Whether gross expenses or net expenses (i.e. net of recovery) are to be considered for the purposes of FBT? For example, part of the expenses on various items like travel, may be recovered from the employees. Therefore, whether FBT would be levied on the gross travel expenditure or on the ‘net’ travel expenditure’? Where […]
The Central Board of Direct Taxes has issued a list of frequently asked questions with answers on Fringe Benefit Tax, clarifying some issues raised by the trade and industry at different fora after the presentation of the Finance Bill, 2005 and also after its enactment. 1. What are the prerequisites for the levy of FBT? […]
News Broadcasters Association has demanded exemptions in service tax, fringe benefit tax and hike in government advertisement rates as part of its pre-budget proposals. The proposals have been submitted before the finance ministry.
Commerce department has asked for the removal of fringe benefit tax (FBT) on exporters in its list of key reform proposals to be included in an ambitious package being readied by officials for the new government’s 100-day reform agenda. It has asked for removal of this tax imposed on exporters as it acts as a […]
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 […]
