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.
| Is This Answer Correct ? | 23 Yes | 3 No |
Post New Answer View All Answers
what is the step in preparing the schedule of audit? can someone explain for me?
I want to know with example of vat & Salestax
What is the Purpose of Preparing Bank Reconciliation Statement?
Hello Everbody....this saturday i attended the interview of times job fair...were capgemini has called me for technical round ..I am bcom graduate with tally an SAP FICO....Can any body help me ... I wan to know what is this technical round...An what they may ask me ......if any body have question an answer kindly send to my id ..that is damudi123@yahoo.com....or contact me to my number ..+919900410314.Or any body have friends working in capgemini bangalore?Please i need urgent help...thnak you with regards adnan hasan
as per partership firm TDS receivable at the end of goes to partners current account, but at the multinational company how pass TDS entry pass, where is it is goes
what is differred tax liability? explain in detail with some example.
Data for two divisions of Alpha Biotech Ltd. Are given below. Analyze both divisions. Parameters Division X Division Y Rs. Rs. Capital Employed 50,00,000 50,00,000 Sales 30,00,000 28,00,000 Cost of Goods Sold 21,00,000 18,00,000 Profit Before Tax 9,00,000 10,00,000 Tax 2,70,000 3,00,000 Profit After Tax 6,30,000 7,00,000 Data for two divisions of Alpha Biotech Ltd. Are given below. Analyze both divisions. Parameters Division X Division Y Rs. Rs. Capital Employed 50,00,000 50,00,000 Sales 30,00,000 28,00,000 Cost of Goods Sold 21,00,000 18,00,000 Profit Before Tax 9,00,000 10,00,000 Tax 2,70,000 3,00,000 Profit After Tax 6,30,000 7,00,000 Data for two divisions of Alpha Biotech Ltd. Are given below. Analyze both divisions. Parameters Division X Division Y Rs. Rs. Capital Employed 50,00,000 50,00,000 Sales 30,00,000 28,00,000 Cost of Goods Sold 21,00,000 18,00,000 Profit Before Tax 9,00,000 10,00,000 Tax 2,70,000 3,00,000 Profit After Tax 6,30,000 7,00,000 Data for two divisions of Alpha Biotech Ltd. Are given below. Analyze both divisions. Parameters Division X Division Y Rs. Rs. Capital Employed 50,00,000 50,00,000 Sales 30,00,000 28,00,000 Cost of Goods Sold 21,00,000 18,00,000 Profit Before Tax 9,00,000 10,00,000 Tax 2,70,000 3,00,000 Profit After Tax 6,30,000 7,00,000
Hi frnds, can any one tell me how much funds has to be there to convince financially sound during the visa interview and what supporting documents has to be produced. What is backlogs means.....hope the best known will answer.
what's accounts payable
What are the steps involved in converting the trail balance of a foreign branch? Explain the steps involved in incorporating the foreign branch trail balance in HO books
plz tell me short cut method in maths for clerck post in bank
Process of the settlement cycle?
What's the meaning of Preferential Creditor?
The cost equation y= $0 + $1.60x represents which type of cost? Variable, Fixed, or Mixed
What is payment/receipt/period accruals?
