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]
Wikimedia Foundation.
2010.
Look at other dictionaries:
Fringe Benefits Tax — (FBT) is the taxation of most, but not all fringe benefits, which are generally non cash employee benefits. The rationale behind FBT is that it helps restore equity and fairness to those employees who do not receive such benefits, and allows a… … Wikipedia
India — /in dee euh/, n. 1. Hindi, Bharat. a republic in S Asia: a union comprising 25 states and 7 union territories; formerly a British colony; gained independence Aug. 15, 1947; became a republic within the Commonwealth of Nations Jan. 26, 1950.… … Universalium
Permanent account number — (PAN) is a national identification number, issued to all taxpayers of India whose income is taxable. This number is issued by the Income Tax Office.This number is required for many activities such as opening an account, getting a phone line,… … Wikipedia
Employee benefit — Employee benefits and (especially in British English) benefits in kind (also called fringe benefits, perquisites, perqs or perks) are various non wage compensations provided to employees in addition to their normal wages or salaries. Where an… … Wikipedia
Latin America, history of — Introduction history of the region from the pre Columbian period and including colonization by the Spanish and Portuguese beginning in the 15th century, the 19th century wars of independence, and developments to the end of World War II.… … Universalium
social security — 1. (usually caps.) a program of old age, unemployment, health, disability, and survivors insurance maintained by the U.S. federal government through compulsory payments by specific employer and employee groups. 2. the theory or practice of… … Universalium
Sweden — /sweed n/, n. a kingdom in N Europe, in the E part of the Scandinavian Peninsula. 8,946,193; 173,732 sq. mi. (449,964 sq. km). Cap.: Stockholm. Swedish, Sverige. * * * Sweden Introduction Sweden Background: A military power during the 17th… … Universalium
teaching — /tee ching/, n. 1. the act or profession of a person who teaches. 2. something that is taught. 3. Often, teachings. doctrines or precepts: the teachings of Lao tzu. [1125 75; ME teching. See TEACH, ING1] * * * Profession of those who give… … Universalium
Employee ownership — occurs when a corporation is owned in whole or in part by its employees. Employees are usually given a share of the corporation after a certain length of employment or they can buy shares at any time. A corporation owned entirely by its employees … Wikipedia
Maquiladora — A maquila in Mexico A maquiladora (Spanish pronunciation: [makilaˈðoɾa]) or maquila (IPA: [maˈkila]) is a concept often referred to as an operation that involves manufacturing in a country that is not the client s and as such has an… … Wikipedia
