The introduction of Fringe Benefit Tax (‘FBT') can be said to be one of the most significant proposals in the Finance Bill, 2005. It is certainly the most discussed and debated topic in various forums.
The trade and industry have been unanimous in their opposition to the FBT regulations. The provisions relating to FBT are here to stay and the same has been reinforced by the simultaneous amendment to Rule 3, the rule that guides taxation of perquisites. The legislation aims to identify an exhaustive list of items of expenditure, which are, wholly or partly, in the nature of or deemed to be a fringe benefit to the employees. Though the stated objective of the legislation is to identify and tax employee benefits only, the ambit of the provisions extends beyond employees to cover “any person” in case of hospitality related expenses.
We specializes in Fringe Benefit Tax planning and our specialists provide an efficient service helping employers understand their obligations and complete their filing requirements on time.
We as tax specialists have the knowledge and experience to bring fresh perspectives, creative ideas and new solutions for identifying tax (and time) saving opportunities.
We provide following Fringe Benefit Tax services for “Employers” i.e. our Clients
Annual Return of Fringe Benefit Tax [u/s/115WD (1)]
Assessment (u/s 115WE)
Advance Tax Calculation & Payment
ervices taxable under service tax, who needs to register under service tax