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FRINGE BENEFIT TAX ABOLISHED
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Consequent to the abolition of FBT, it has been proposed to include the value of specified securites and sweat equity shares allotted or transferred directly or indirectly by the employer or former employer free of cost or at a concessional price as a perquisite. The value for the above purpose shall be the fair market value of the specified security or sweat equity shares on the date on which such option is exercised by the assessee as reduced by the amount actually paid by or recovered from the assessee in respect of such specified security or equity shares.
Further, the amount of any contribution to an approved superannuation fund by the employer shall also be included if the amount of contribution exceeds Rs. 1,00,000/-
The above amendments shall be applicable w.e.f 1st April 2010.  |
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address: 611/612, Raikar Chambers,
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