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ITAT UPHOLDS PLEA ON FBT!

No Fringe Benefit Tax leviable on expenditure for non-employees like entertainment, sales promotion, etc.     Taxpayers will recall the highly controversial levy of Fringe Benefit Tax (FBT) imposed by Finance Minister P. Chidambaram in 2005 and the grave protests voiced against the mischievous interpretations of the deeming provisions as contained in the circulars on the subject issued by the Central Board of...

Perk up your Employee’s Diwali with a Tax-free Gift!

Gift Below Rs.5,000 On Ceremonial Occasion Treated As Tax Free Perk Under I.T. Rules “If you give what can be taken, you are not really giving,” quoted the noted Sufi author Idries. Trying to think of giving something to your employees during the coming festive season, out of which even the Taxman cannot take anything? Here is a smart idea! Tax Free Gift on Ceremonial Occasion Rule 3(7)(iv) of the Income-tax Rules...

Minus FBT Shock Pay Packets Rock!

Conveyance, Telephone, Entertainment & Medical Reimbursements Get Increasing Attention After FBT Abolition! The notorious Fringe Benefit Tax (FBT) having been abolished with effect from 1st April, 2009, employers have started taking a fresh look at restructuring the pay packets of their employees to make them more tax friendly. Conveyance, telephone, entertainment and medical reimbursements paid to employees,...

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