Accounting treatment of FBT is very simple in tally 9 's automatic system of applying and selection of different expenses relating to free employee's facilities . FBT means fringe benefit tax under New FBT of India Law 2005 . FBT is tax liable to companies who provide free facilities to their employees . If any company gave any payment which comes under FBT , then that company will pay FBT to Central Govt. Now question Arises how to calculate
- Leviable on Employer.
- Leviable on Fringe benefits provided or deemed to have
been provided to employees @ 30% on value of fringe
- Fringe Benefits divided in two categories
– Fringe Benefits directly provided to employees
consisting of benefit, amenity, facility, free/concessional
tickets & contribution to approved superannuation fund
– Deemed fringe benefits to employees on certain
expenditure incurred by employer as specified in
- and how to treat it in Tally 9 ?
After this when you see statutory report , you will find payment of you FBT . For this please activate detail of FBT in Configuration .