Smita244
Hr - Generalist
Maria Thomas
Hr Professional
+2 Others

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Dear Colleagues;
Request you to please guide me on the FBT removal/abolition. So now, how do we treat the earlier FBT component? Does it become completely taxable? Is there any fine prints that is being looked into? etc
Is there any thread posted on this earlier that I can refer to? or can you please share your knowledge with me on this?, pls.......
:) Maria

From India, Hyderabad
Thanks so much for this info....
Now with FBT abolished recently, how should we treat the components that earlier were part of FBT? Would it be included in the taxable salary? Did we get a circular from CBDT on this? Any idea, pls........pls......

From India, Hyderabad
please help, as FBT is abolished, please let me know how the per diem earned through the short-term foreign trips are taxed...
From India, Bangalore
What are the FBT abolition aimplications for the new notification from IT department issued in Dec 2009. How the Transfer of Movable Asset calculated in this case?
In My company we have CAR policy and now as per the new notification any asset transfered after 1st April 2009, company need to recover the tax on the Depreciated value of the CAR less Amount paid by the employee. So in this case how the EMI Deducted from Employee salary will be taken care?

From United States, Miamisburg
AS FBT Scrapped from Employer(Comapnies) but it will deduct from employee salary for below mentioned components & FBT Is taxable.
Vehicle allowance
Comuunication allowance
Medical allowance
Education allowance
Regards
Charvaka Reddy

From India, Hyderabad
Hi, Please find the clarification below. Hope it helps. Warm Regards Smita


Attached Files
File Type: doc NEW%20RULES%20SPECIFYING%20VALUATION%20OF%20PERQUISITES[1].doc (29.0 KB, 231 views)

Hello Smita,
Thanks for the clarification. do you mean to say that the Rule 11 & 12 about Transfer fo Movable Assets are unchanged?
My Copany is charging employee tax on the Car Value remaining after Year on Year 20% depriciation. The Value is coming quite a high figure for Employee, in some cases it is even going to 1.5L recovery in next three months Payroll, is it correct?
Regards
Ashok

From United States, Miamisburg
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