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Answer Posted / pankaj kumar
The taxation of perquisites or fringe benefits provided by
an employer to his employees, in addition to the cash
salary or wages paid, is fringe benefit tax.
Any benefits or perks that employees (current or past) get
as a result of their employment are to be taxed, but in
this case in the hands of the employer.
This includes employee compensation other than the wages,
tips, health insurance, life insurance and pension plans.
Fringe benefits as outlined in section 115WB of the Finance
Bill, mean any privilege, service, facility or amenity
directly or indirectly provided by an employer to his
employees (including former employees) by reason of their
employment.
They also include reimbursements, made by the employer
either directly or indirectly to the employees for any
purpose, contributions by the employer to an approved
superannuation fund as well as any free or concessional
tickets provided by the employer for private journeys
undertaken by the employees or their family members.
FBT will be taxed[3] on-
(a) entertainment;
(b) festival celebrations;
(c) gifts;
(d) use of club facilities;
(e) provision of hospitality of every kind to any person
whether by way of food and beverage or in any other manner,
excluding food or beverages provided to the employees in
the office or factory;
(f) maintenance of guest house;
(g) conference;
(h) employee welfare;
(i) use of health club, sports and similar facilities;
(j) sales promotion, including publicity;
(k) conveyance, tour and travel, including foreign travel
expenses;
(l) hotel boarding and lodging;
(m) repair, running and maintenance of motor cars;
(n) repair, running and maintenance of aircraft;
(o) consumption of fuel other than industrial fuel;
(p) use of telephone;
(q) scholarship to the children of the employees.
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