FRINGE BENEFIT TAX

1. FRINGE BENEFIT TAX

2. Introduction to Fringe Benefit Tax..!!!!

3. Requirement For Fringe Benefit TaxU/S-115WA • The FBT is payable by an Employer. • The Employer is liable only if he has an Employee. • Employer is liable only if he has provided Fringe Benefit and/or is deemed to have provided Fringe Benefit to his employees. • FBT is payable at the Rate of 30% (plus applicable Surcharge plus Education Cess) of the Value of Fringe Benefit Provided. • FBT is payable irrespective of whether “Employer” is liable to pay Income-Tax on his total income or not.

4. Employer Includes: Company. Firm. Association of persons or a Body of individual. A local authority Every artificial Juridical Person. Employer Excludes: Individual & HUF. Fund/Trust/Institution eligible for Exemption u/s-10(23). Fund/Trust/Institutions registered u/s-12AA A Political Party registered u/s 29A Definition Of Employer U/S-115W(a)

5. Computation of Fringe Benefit Tax Liability & Rates. • 30% on the Value of Fringe Benefit- u/s-115WC Add:- Surcharge: Rates • For AOP/BOI: If FB does not exceeds 1000000 Nil If FB exceeds 1000000 10% • Artificial.J.Person, Firm 10% • Non-Domestic Co. 2.5% • Local Authority Nil Add:- Education Cess: 2% on [Tax+Surcharge]

6. Fringe Benefit Expenses..!!! Covered u/s-115WB(1) • Any Privilege, Service, Facility or Amenity Whether provided Directly or Indirectly, or whether by way of reimbursement to Employee. • Any Free or Concessional Ticket provided by the employer for private Journeys of the employee’s or his family. • Expenses spent towards contribution in Superannuation Fund. Which is exempted upto the limit of 100000.

7. Deemed Fringe Benefit..!!!Covered u/s-115WB(2)

8. Advance Tax due date..!!!

9. Section List

10. Updations…!!!

11. Thank You!