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WHAT IS THE TAXABLE VALUE OF THE FOLLOWING FRING BENEFITS
FOR FRINGE BENEFIT TAX ?
a) CONCESSIONAL TICKET PROVIDED BY THE EMPLOYER FOR
PRIVATE JOURNEY OF An EMPLOYEE AND HIS FAMILY MEMBERS.
b) GIFTS AND SCHOLARSHIP.
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Answer Posted / rajesh cfa
Fringe Benefits [Section 115wb (1) And (2)]
As per section 115 WB [1] – Means Benefits, any consideration provided for employment
1. Any privilege, service, facility or amenity directly or indirectly provided by an employer whether by way of reimbursement or to his employees [including former employee or employees] and
2. Any free or concessional ticket provided by the employer for Private journey of his employees or their family members and
3. Any Contribution by the employer to an approved Super annuation fund for employees. The above definition of fringe benefits consists of three clauses. Clauses (b) and (c) are specific cases of fringe benefits.
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