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what is FBT?
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Answer / hemanth.n.s
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.
| Is This Answer Correct ? | 32 Yes | 6 No |
Answer / vinotha.v
FBT EXPLAIN: Fringe Benefits Tax,
FBT MOSTLY MAINTAIN COMPANIES , BECAUSE REDUCE THE TAX.
FBT PROVIDED TO THE EMPLOYEES,
example: CONVENYANCE, TRAVELING EXPENSES ETC.,
| Is This Answer Correct ? | 26 Yes | 3 No |
Answer / 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 |
Answer / sri
FBT is an acronym for Fring Benefit Tax
This tax is calculated in all companies; if the ledgers
like telephone/cell phone charges, travelling expenses,
boarding & lodging expenses, Petrol expense to Car is taken
into the calculation.
for more details please visit to the following page: -
http://www.rediff.com/money/2005/mar/22spec.htm
| Is This Answer Correct ? | 16 Yes | 3 No |
Answer / santosh
FBT means Fring Benifit Tax.Employer paid such Tax on
Specific Expenditurs made for Employees.This tax on
Expenditures and not on Income.
| Is This Answer Correct ? | 12 Yes | 1 No |
Answer / anu varma
A fing benefit is a 'payment' to an employee, but in a
different form to salary or wages.
A fing benefit is a benefit provided in respect of
employment.
Example: A fring benefit may be provided when an employer,
1. Allows an employee to use a work car for provate
purpose.
2. pays an employees GYM membership fee.
3. Gives an employee a cheap loan.
4. Provides entertainment by way of free tickets.
| Is This Answer Correct ? | 5 Yes | 5 No |
Answer / anup kumar sah
FBT - FRINGE BENFIT TAX, WHEN THE EMPLOYER PAID FACILITY
TO HIS EMPLOYEE, THEN HE DEDUCT THE AMOUNT TO HIS SALARY ,
IS CALLED FBT
| Is This Answer Correct ? | 0 Yes | 4 No |
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DEAR ALL, HOW TO ACCOUNT THE SALARY ADVANCE A/c. I HAVE TAKEN AN ADVANCE OF Rs.25000/-. I HAVE DEBITED SALARIES ADVANCE A/c AND CREDITED THE PETTY CASH A/c in TALLY. I dont't know whether it is correct or not. If correct, in my individual ledger no entry is reflected. Alternatively, if I debit my self and credit petty cash a/c it is reflected in the P & L Account, but it is not an expense. and not reflected in the balance sheet, but reflected in P & L. I think I need to put a journal entry. Like debiting the salary account and crediting the salary advance account. Is this correct or not? Can any one help me please. my mail add: cdvijay100@yahoo.co.in or kmlnkml@live.com
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