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Fringe Benefit Taxation

Fringe Benefit Taxation
Fringe Benefit Taxation
Service Code : 06
Fringe Benefit Taxation
Finance Act, 2005 has introduced a new tax in the form of Fringe Benefit Tax (FBT). FBT is a tax payable by the employer on benefits other than salary or wages (provided/ deemed) that employees (past or present) receive as a consideration of their employment.

FBT is applicable on all type of assesses as mentioned above in Income Tax except the following:

  • Individuals
  • Hindu Undivided Family and certain charitable institutions.
Every assesse who is liable to pay the Fringe Benefit Tax is required to follow the certain below mentioned formalities:
  • Advance payment of FBT at regular period prescribed the Act.
  • Filing of FBT returns annually.
  • FBT audit which is along with the Income Tax Audit.