Latest tax bill clarifies liabilities for fringe benefits

By Sumes Dewan,KR Chawla & Co
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The Finance Bill 2008, contains proposals regarding the amendment of provisions in Chapter XII-H of the Income Tax Act 1961, related to the fringe benefit tax.

The proposed amendments are either a clarification or give relief to employers with respect to the fringe benefit tax liability. The key amendments are outlined below.

Electronic meal cards

Sumes Dewan,Partner,KR Chawla & Co
Sumes Dewan
Partner
KR Chawla & Co

The bill seeks to amend section 115WB(2)(B) to provide that expenditures or payment through an electronic meal card will not attract fringe benefit taxes if a number of conditions are met.

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Sumes Dewan is a partner at KR Chawla & Co Advocates & Legal Consultants. The firm is headquartered in New Delhi and has offices in Chennai and Bangalore as well as a representative office in Singapore.

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