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What is Fringe benifits tax?
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Answer / ankit trivedi
F.B.T is a tax on Expense rather than tax on Income. It is
applicable to specified persons namely Firms, Companies etc.
Individual and H.U.F are exempted from the purview of F.B.T.
Taxable value of specified expenses is determined by
applying the relevant rate (for eg. 30% for conveyance)
specified in chapter XII - H of the Income tax Act, 1961.
Then tax is charged on such taxable value at the flat rate
of 30% (plus surcharge if applicable) plus 3% of education
cess. To avoid penelty in the form of interest Advance
F.B.T. is to be paid every quarter.
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / ashish baisoya
fbt tax is a tax payable by employer for the welfare of
employee
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / sourabh
fbt tax is a tax payable by employer on the value of
certain fring benfit their employee
this tax payable by an employer
its due to every fbr year (1apr09 to 31 mar)
fbt is treated by annual tax
| Is This Answer Correct ? | 2 Yes | 1 No |
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