abhishreshthaa
Abhijeet S
INTRODUCTION OF FRINGE BENEFITS
Nearly every organization in all countries provides benefits and services too its employees
They are compensations made to an employee in addition to regular wage payment that is salary.
Fringe benefit is a very vast concept; it includes benefits such as,
Provident fund, gratuity, medical care, hospitalization, accident relief, canteen, uniform and the like.
They also include benefits such as Paid vacation, pension
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FRINGE BENEFIT TAX
If the benefit is fully attributable to an employee, it is taxed in the hands of the employee, where the benefits are usually enjoyed collectively by the employees and cannot be attributed to individual employees, they shall be taxed in the hands of the employer and this tax is called “Fringe Benefit Tax”.
But The FRINGE BENEFIT TAX was abolished in the FY.2009-2010
Nearly every organization in all countries provides benefits and services too its employees
They are compensations made to an employee in addition to regular wage payment that is salary.
Fringe benefit is a very vast concept; it includes benefits such as,
Provident fund, gratuity, medical care, hospitalization, accident relief, canteen, uniform and the like.
They also include benefits such as Paid vacation, pension
*
FRINGE BENEFIT TAX
If the benefit is fully attributable to an employee, it is taxed in the hands of the employee, where the benefits are usually enjoyed collectively by the employees and cannot be attributed to individual employees, they shall be taxed in the hands of the employer and this tax is called “Fringe Benefit Tax”.
But The FRINGE BENEFIT TAX was abolished in the FY.2009-2010