UGC Approved Journal no 63975

ISSN: 2349-5162 | ESTD Year : 2014
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Published in:

Volume 4 Issue 4
April-2017
eISSN: 2349-5162

UGC and ISSN approved 7.95 impact factor UGC Approved Journal no 63975

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Published Paper ID:
JETIR1704097


Registration ID:
300238

Page Number

469-477

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Title

FRINGE BENEFITS UNDER INDIAN INCOME TAX ACT 1961 [A Case Study of Their Valuation and Audit Procedure]

Abstract

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.

Key Words

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

Cite This Article

"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

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2349-5162 | Impact Factor 7.95 Calculate by Google Scholar

An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 7.95 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator

Cite This Article

"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

Publication Details

Published Paper ID: JETIR1704097
Registration ID: 300238
Published In: Volume 4 | Issue 4 | Year April-2017
DOI (Digital Object Identifier):
Page No: 469-477
Country: Muzaffarpur, Bihar, India .
Area: Commerce
ISSN Number: 2349-5162
Publisher: IJ Publication


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