I am working in construction company i have 1.6 years exp in accounts but i dont know fbt caliculation ,I am asking you requestly send details into my E-mail-sudhakarreddy1983@gmail.com thanking you sir,
are the following expenses liable for fringe benefit tax? 1. Keyman insurance policy 2. Contribution to Providend fund & 3. Contribution to Maharashtra labour welfare fund
My company reimburses me Petrol, entertainment and telephone @home expenses on a monthly basis. Should this amount be considered while paying the income tax for the year or should it be excluded? I heard these are Fringe benefits and I have to pay only Fringe Benefit Tax. Is this correct? If so, what is the rate of tax on the same? Thanks in advance. --Krishna
Hi all, I have a quary regarding how to divide the expenses in office.Postage,Printing,courier,etc is fine but what about staff welfae & office expenses? There are some expenses like purchase of bisleri bottles,purchased cake for one of our employee,etc.How this to be treated?
Re: FBT
by deepak nair on Jan 01, 2009 02:52 PM Permalink
sir, we can open a separate head of staff welfare expenses under the 'indirect expenses'. this account will invite FBT. since the expenses of bisleri bottles, cakes etc are for employees.
Re: Re: fringe benifit tax
by deepak nair on Jan 01, 2009 02:54 PM Permalink
The rationale for levying a fringe benefit tax on the employer lies in the inherent difficulty in isolating the 'personal element' where there is collective enjoyment of such benefits and attributing the same directly to the employee.
This is so especially where the expenditure incurred by the employer is ostensibly for purposes of the business but includes, in partial measure, a benefit of a personal nature.
Moreover, in cases where the employer directly reimburses the employee for expenses incurred, it becomes difficult to effectively capture the true extent of the perquisite provided because of the problem of cash flow in the hands of the employer
Re: FBT on visa fees
by deepak nair on Jan 07, 2009 12:33 PM Permalink
yes it does since it is included in the tour & trvelling expenses for the employees.
Re: Diff. between expenses on car if uses both purpose
by deepak nair on Jan 07, 2009 12:36 PM Permalink
when the car is used personally by the employee, the expenses incurred will attract fbt. using car for official purpose has no fbt dealings.
Re: fbt on car
by Ajay Sharma on Sep 16, 2008 12:08 PM Permalink
Car has been purchased By the Company. Its means all the cost relating to car will be borne by the Company. Its mean that Fbt on car will be taxable in the hands of Company
