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......
23rd September 2009 From India, Hyderabad
24th September 2009 From India, Bangalore
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?
19th January 2010 From United States, Miamisburg
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?
20th January 2010 From United States, Miamisburg