1 / 11

FRINGE BENEFIT TAX

FRINGE BENEFIT TAX. Introduction to Fringe Benefit Tax..!!!!. Requirement For Fringe Benefit Tax U/S-115WA. The FBT is payable by an Employer. The Employer is liable only if he has an Employee.

kelda
Download Presentation

FRINGE BENEFIT TAX

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  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!

More Related