fringe benefit tax

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AY 2009-2010

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Slide 1: 

Fringe benefits Tax Dhiraj Behede

Slide 2: 

Basis of charge Fringe benefits [Sec. 115WA]

Basis of charge : 

Basis of charge If these conditions are satisfied, the employer would be liable for fringe benefits tax at the rate of 30% (+ SC + EC + SHEC)

Employer [Sec.115W(a)] : 

Employer [Sec.115W(a)]

FAQs - Employer : 

FAQs - Employer

FAQs - Employer : 

FAQs - Employer

FAQs - Employer : 

FAQs - Employer

FAQs - Employer : 

FAQs - Employer

Slide 9: 

Meaning of Fringe benefits [Sec. 115WB(1) read with 115WB(3)]

Meaning of fringe benefits : 

Meaning of fringe benefits

Meaning of fringe benefits : 

Meaning of fringe benefits For the purposes of section 115WB(1), the privilege, service, facility or amenity, etc., does not include [by virtue of section 115WB(3)] perquisites in respect of which tax is paid or payable by the employee.

“Payable” : 

“Payable”

Section 115WB(1)(b)Free or concessional tickets : 

Section 115WB(1)(b)Free or concessional tickets

Section 115WB(1)(c)Contribution to approved superannuation fund : 

Section 115WB(1)(c)Contribution to approved superannuation fund

Section 115WB(1)(d)Stock option plan - Conditions : 

Section 115WB(1)(d)Stock option plan - Conditions

Section 115WB(1)(d)Stock option plan : 

Section 115WB(1)(d)Stock option plan

Section 115WB(1)(d)Fair market value, rule 40C - quoted shares : 

Section 115WB(1)(d)Fair market value, rule 40C - quoted shares

Section 115WB(1)(d)Fair market value, rule 40C - unquoted shares : 

Section 115WB(1)(d)Fair market value, rule 40C - unquoted shares

Section 115WB(1)(d)Fair market value – Rule 40C : 

Section 115WB(1)(d)Fair market value – Rule 40C

Section 115WB(1)(d)Section 115WK - Recovery of FBT from employee : 

Section 115WB(1)(d)Section 115WK - Recovery of FBT from employee

Section 115WB(1)(d)Clarification vide Circular 9/2007 : 

Section 115WB(1)(d)Clarification vide Circular 9/2007

Section 115WB(1)(d)Clarification vide Circular 9/2007 : 

Section 115WB(1)(d)Clarification vide Circular 9/2007

Section 115WB(1)(d)Clarification vide Circular 9/2007 : 

Section 115WB(1)(d)Clarification vide Circular 9/2007

Section 115WB(1)(d)Clarification vide Circular 9/2007 : 

Section 115WB(1)(d)Clarification vide Circular 9/2007

Section 115WB(1)(d)Clarification vide Circular 9/2007 : 

Section 115WB(1)(d)Clarification vide Circular 9/2007

Section 115WB(1)(d)Clarification vide Circular 9/2007 : 

Section 115WB(1)(d)Clarification vide Circular 9/2007

Section 115WB(1)(d)Clarification vide Circular 9/2007 : 

Section 115WB(1)(d)Clarification vide Circular 9/2007

Section 115WB(1)(d)Clarification vide Circular 9/2007 : 

Section 115WB(1)(d)Clarification vide Circular 9/2007

Section 115WB(1)(d)Clarification vide Circular 9/2007 : 

Section 115WB(1)(d)Clarification vide Circular 9/2007

Section 115WB(1)(d)Clarification vide Circular 9/2007 : 

Section 115WB(1)(d)Clarification vide Circular 9/2007

Section 115WB(1)(d)Clarification vide Circular 9/2007 : 

Section 115WB(1)(d)Clarification vide Circular 9/2007

Section 115WB(1)(d)Clarification vide Circular 9/2007 : 

Section 115WB(1)(d)Clarification vide Circular 9/2007

Section 115WB(1)(d)Clarification vide Circular 9/2007 : 

Section 115WB(1)(d)Clarification vide Circular 9/2007

Section 115WB(1)(d)Clarification vide Circular 9/2007 : 

Section 115WB(1)(d)Clarification vide Circular 9/2007

Section 115WB(1)(d)Clarification vide Circular 9/2007 : 

Section 115WB(1)(d)Clarification vide Circular 9/2007

Section 115WB(1)(d)Clarification vide Circular 9/2007 : 

Section 115WB(1)(d)Clarification vide Circular 9/2007

Slide 37: 

Fringe benefits which are deemed to have been given to employees [Sec. 115WB(2)]

List of 17 items which are deemed to be provided to employees : 

List of 17 items which are deemed to be provided to employees

List of 17 items which are deemed to be provided to employees : 

List of 17 items which are deemed to be provided to employees

List of 17 items which are deemed to be provided to employees : 

List of 17 items which are deemed to be provided to employees

List of 17 items which are deemed to be provided to employees : 

List of 17 items which are deemed to be provided to employees

Value of fringe benefit at concessional rate : 

Value of fringe benefit at concessional rate

Value of fringe benefit at concessional rate : 

Value of fringe benefit at concessional rate

Section 115WB(2)Salient features : 

Section 115WB(2)Salient features

Section 115WB(2)Salient features : 

Section 115WB(2)Salient features

Section 115WB(2)Salient features : 

Section 115WB(2)Salient features

Perquisites v Fringe benefits : 

Perquisites v Fringe benefits

Perquisites v Fringe benefits : 

Perquisites v Fringe benefits What comes first: The fact that the same benefit cannot be taxed as perquisite under section 17(2) and fringe benefit under section 115WB, is undisputed. A benefit, which is taxable under section 17(2), cannot again be taxed under section 115WB and vice-versa. No one is clear on the following issues— a. whether first one should apply the provisions of section 17(2) [and if it is not possible to charge tax, one can take recourse to section 115WB]; or b. whether first one should apply the provisions of sec­tion 115WB [and if it is not possible to charge tax, one can take recourse to section 17(2)].

Perquisites v Fringe benefits : 

Perquisites v Fringe benefits Correct sequence - One can follow the following steps to avoid overlapping between the provisions of taxation of salary and fringe benefits— Contd.

Perquisites v Fringe benefits : 

Perquisites v Fringe benefits Contd.

Perquisites v Fringe benefits : 

Perquisites v Fringe benefits

Slide 52: 

Due date of submission of fringe benefit return

Return of fringe benefit : 

Return of fringe benefit *October 31 up to the AY 2007-08

Slide 54: 

THANKS A LOT FOR READING .

FOR YOUR FEEDBACK:- : 

FOR YOUR FEEDBACK:- PLEASE GIVE YOUR FEEDBACK ON THIS PRESENTATION TO ME . I WILL BE VERY GRATEFUL TO YOU FOR THIS ACT OF KINDNESS. REGARDS, MUNISH SHARMA[CA-FINAL]

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