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 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 : 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 : 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...
The Finance Act, 2005, has inserted in the Income-Tax Act, 1961 (the Act), a new Chapter XII-H. This Chapter deals with ‘Fringe Benefit Tax’ (FBT) and it contains Sections 115W to 115WL. The provisions of FBT have come into effect from 1.4.2006 viz. assessment year (AY) 2006-07, relevant to financial year (FY) 2005-06. For the purposes of Chapter XII-H, vide Section 115WB(1) of the Act, ‘Fringe Benefits (FB) means any consideration for employment provided by way of –
The Finance Act, 2005, has inserted in the Income-Tax Act, 1961(the Act), a new Chapter XII-H. This chapter deals with a new tax known as, ‘Fringe Benefit Tax’ (FBT) and it contains Sections 115W to 115WL. Chapter XII-H has come into effect from 1.4.2006 viz. assessment year (AY) 2006-07, relevant to the financial year (FY) 2005-06.
