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Guidelines soon on Fringe Benefit Tax

Staff Reporter

HYDERABAD: Guidelines on the recently introduced Fringe Benefit Tax (FBT) are expected to be announced shortly, speakers told a conference on "FBT--modalities and compliance", here on Saturday. They said a number of issues remained unanswered although the Finance Bill, 2005, had been passed.

The speakers stated that FBT, being a new concept introduced in this financial year, was not vividly understood by many. Hence, it was felt that there was a need to guide and clarify the ambiguity with regard to FBT as the corporates had to devise a methodology by which expenses under various classifications could be captured.

Practising Chartered Accountants -- Padam Kincha from Bangalore, Devidas of Shekhar and Co. and P. V. S. S.Prasad of Prasad & Prasad -- spoke on the various aspects of FBT while Rajiv Anand, Associate Director, Price Waterhouse Coopers, made a presentation.

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