• Dr. Rajnish Kumar

Fringe Benefits is a comprehensive concept which include both monetary and non-monetary benefits derived from employment that doesn't constitute cash salary or wages and an employee get it in addition to regular salary or wages. The tax liability of salary is never been question. As long as employees are getting cash salary and allowances, it is easy to quantity taxable income. But however with corporation turning more and more towards non-cash benefits [i.e. fringe benefits] it become difficult to quantity taxable income of employees. This paper tries to explain meaning, types, valuation and audit procedure of Fringe Benefits under Indian Income Tax Act - 1961 specially after abolishing Fringe Benefit Tax (which taxable in Hand of Employer) by The Finance Act - 2009 w.e.f. Assessment Year 2010-11.

Fringe Benefit Tax (FBT), Assessment year (AY), Previous year (PY), With effect from (w.e.f.), Maximum Outstanding Balance.

"FRINGE BENEFITS UNDER INDIAN INCOME TAX ACT 1961 [A Case Study of Their Valuation and Audit Procedure]", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.4, Issue 4, page no.469-477, April-2017, Available :http://www.jetir.org/papers/JETIR1704097.pdf

"FRINGE BENEFITS UNDER INDIAN INCOME TAX ACT 1961 [A Case Study of Their Valuation and Audit Procedure]", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.4, Issue 4, page no. pp469-477, April-2017, Available at : http://www.jetir.org/papers/JETIR1704097.pdf