The tax rates for Indian firms, including surcharge, education cess and a fringe benefit tax ranging between four to six per cent amounts to 38 per cent. This again is without considering the dividend distribution tax which Indian firms are liable to pay on dividends declared.
FBT was an unpopular tax and withdrawn before the General Elections in 2009
The ruling also pointed out that FBT would apply to liaison offices of foreign companies in India if the liaison offices had employees based in India. The Singapore-based tourism company had sought the authority's ruling whether it was liable to pay FBT on the benefits provided to the company's employees in the liaison offices in India.
The credit card is a perquisite for which you don't pay tax. Which are the other ones? Find out. . .
Income tax payers can now file their tax returns more easily, says tax expert Subhash Lakhotia.
Admitting that Fringe Benefit Tax is 'fast becoming a trauma', the government on Friday said it was confident of meeting the budget target of 34 per cent growth for direct taxes at Rs 1,75,000 crore
Do you think FBT should be scrapped and India Inc be given alternative choices?
The finance ministry is likely to tone down some of the provisions of Fringe Benefit Tax and moderate the conditionalities for Banking Cash Transaction Tax proposed in the Budget.
As much as Rs 583 crore (Rs 5.83 billion) was collected from the Fringe Benefit Tax and Rs 20 crore (Rs 200 million) from Banking Cash Transaction Tax during the first quarter of this fiscal, the Lok Sabha was informed on Tuesday.
Your tax burden has just gone up, with the government issuing the new guidelines for taxation of perquisites. Valuation of cars goes through a revision.
Your tax burden has just gone up, with the government issuing the new guidelines for taxation of perquisites. Valuation of cars goes through a revision.
The Finance Minister Pranab Mukherjee on Monday tabled the Economic Survey for 2008-09 that prescribes doing away with cess, surcharges on taxes, including Fringe Benefit Tax, and sweeping refroms in areas like petrol pricing and financial sector.
Financial advisor Parag Parikh offered some valuable post-Budget financial planning tips.
The Union Budget 2009-10 has proposed to extend the terminal date for starting the power generation by cogen plant by one more year.
The dyestuff industry is at a threshold of momentous change.
Hailing the Budget 2009-10 as "growth oriented", Planning Commission Deputy Chairman Montek Singh Ahluwalia on Monday said there would be no need for another stimulus in the current fiscal.
Finance Minister Pranab Mukherjee has announced that Fringe Benefit Tax (FBT) has been abolished. The commodity transaction tax (CTT) has also been abolished. The Goods and Services Tax (GST) will come into effect from April 01, 2010, Mukherjee said.
It will pay salary-earners to be tax-smart so that they can get to keep more of the hard-earned money.
What exactly does the Budget has for the common man? Are you going to benefit from the Budget proposals? Or does it hardly make any effect on your daily life. In an hour-long post-Budget chat on rediff.com, R Seshasayee offered some valuable tips.
The budget has increased the outlay for the Ministry of Civil Aviation by 21% at Rs 12165 crore from Rs 10031 crore for FY2008-09. However, the revised estimate for FY2008-09 was at Rs 7490 crore against the outlay of Rs 10031 crore.
The exemption of the value of right to use packaged software would be beneficial to the gaming industry.
The markets have reacted to the Budget with a sense of unease and disappointment. Maybe expectations were unrealistic, and we are unfair in expecting so much in the short period of time the FM had to prepare and present the Budget.
With the introduction of CTT, commodity players raise their doubts about the fledgling futures market.
Anil Rego analyses the new tax code expected to kick in after April 2011 and what it means for the tax-payer.
The Institute of Chartered Accountants of India has offered technical information for drafting the rules for valuing employee stock options for calculating the fringe benefit tax.
The Confederation of Indian Industry in its budget wish list has urged to government to scrap the fringe benefit tax.
Is your company using your cost to company, CTC, to make you pay the fringe benefit tax, FBT, on your stock options, ESOPs?
If the valuation norms are not announced by then, the due date for paying advance fringe benefit tax (FBT) on ESOPs is likely to be extended beyond September 15.
The dreaded fringe benefit tax is unlikely to be withdrawn in the next year's Budget despite mounting pressure from the apex industry chambers.
The expenditure incurred by employers on get-together of employees and their families on Diwali, Id, Christmas or even New Year will attract fringe benefit tax, while such outlay on the Independence Day and the Republic Day have been spared.
As per Indian tax laws, bonus in kind paid to the employees could be considered as salary income in the hands of the employees.
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