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   Income Tax Assessment Year 2006-2007 India - Fringe Benefit Tax Various Exemptions and Relaxations Benefit From  A Free Kaytek Business Assistance Service |
Consulting
Tax
Fringe Benefit Tax
Relaxations for Various Sectors
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Income Tax Assessment Year 2006-2007 India - Fringe Benefit Tax Various Exemptions and Relaxations Benefit From A Free Kaytek Business Assistance Service |
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 For all Sectors Food & Beverages At Workplace Expenses incurred by the Employer on Employees Food and Beverages (Tea, Coffee, etc) at Factory or Office Locations or any expenditure incurred through paid vouchers which are not transferable and for use only at eating joints or outlets are NOT considered as Taxable under FBT. Advertising Expenditure Expenditure on advertisement in print media, electronic media, transport systems, holding of or participation in a press conference, business convention, fair or exhibition, publication of any notice, and by way of signs, artwork, painting, banner, direct mail, kiosk, hoardings shall be excluded from the value of the fringe benefit and are NOT considered as Taxable under FBT. |
For all Sectors Conference Participation Fees For conference expenditure, the fee for participation by the employees in the conference shall not be included in the fringe benefits. However, expenditure on conveyance, tour, travel on hotel incurred in connection with any conference shall be included in the value of the fringe benefits. Employee Statutory Obligation Expenses
Any expenditure incurred on payment made to fulfil any statutory obligation with regard to the employees shall not form part of the fringe benefits and, as such, is not to be included in the amount of expenditure incurred on employees welfare. |
Specific Industry Sectors . On 2nd May 2005, the Government of India announced several Employer Specific exemptions and relaxations (from the original provisions announced on 28th February 2005) in Fringe Benefit Tax for Various Industry Sectors like Airlines, Construction Companies, Drug Companies, Hotels, Software Companies, Passenger and Goods Transport Companies. Kindly consult your Tax Attorney for details of the same. Advertisement |
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