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 assessee 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
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