Fringe Benefits Tax (India)

Fringe Benefits Tax (India)

Fringe Benefits Tax (FBT) is the tax applied to most, although not all, fringe benefits. A new tax was imposed on employers by India's Finance Act 2005 introduced for the financial year commencing April 1, 2005.

The following items are covered:
*Employer's expenses on entertainment, travel, employee welfare and accommodation. The definition of fringe benefits that have become taxable has been significantly extended. The law provides an exact list of taxable items.
*Employer's provision of employee transportation to work or a cash allowances for this purpose.
*Employer's contributions to an approved retirement plan (called a superannuation fund).
*Employee stock option plans (ESOPs) have also been brought under Fringe Benefits Tax from the fiscal year 2007-08.

ee also

*Permanent account number(PAN)
*Indian Revenue Service(IRS)

External links

* [http://www.taxworry.com/search/label/FBT Fringe Benefit Tax Questions Answered]
* [http://www.watsonwyatt.com/news/globalnews2.asp?ID=14663&nm=Asia%20Pacific%20-%20India A new tax on benefits in India]
* [http://indiabudget.nic.in Indian Budget]
* [http://completetaxguide.blogspot.com Fringe Benefits Tax FAQ]
* [http://www.relyonsoft.com FBT Software]
* [http://mytaxes.in/index.php?topic=11.0 Fringe Benefit Tax in India]


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