I need some clarification on Income tax- in view of the ammendments by the Budget 2009-10.
FBT has been abolished from the FY 2009-10. It is also proposed to restore the fringe benefit as perquisite in the hands of the employee( e.g. ESOP, contribution to approved superannuation fund, to the extent it exceeds Rs. 100,000, any other which is specified)
In this context, what will be the treatment of salary components in the nature of reimbursements( e.g. fuel charges, travel, telephone etc.). Earlier all these were treated as fringe benefit. In view of the recent changes, should all such reimbursements be treated as perquisite or will it be tax free till further notification? Will the earlier provisons apply?
CONTENTS SR. NO. CHAPTER PAGE NO. INTRODUCTION STOCK & RECEIVABLES AUDIT VERIFICATION OF STOCK & DEBTORS PROCEDURE OF STOCK AUDIT VERIFICATION OF SECURITIES ANALYTICAL REVIEW INTERNAL CONTROL QUESTIONNAIRE STOCK b) BOOK DEBTS LIST OF DOCUMENTS TAKEN AS WORKING PAPERS SPECIMEN INSPECTION REPORT SPECIMEN MANAGEMENT REPRESENTATION LETTER CHAPTER 1 INTRODUCTION: Banking is an important sector of the economy of any country and for the development of the economy a healthy banking system is a must. After the liberalization of the economy, the banking system has undergone a total change in India. There is hard competition in the banking industry to survive in the current circumstances. With the purpose to have better financial discipline & to ensure uniformity in accounting norms RBI introduced the concept of assetclassification & income recognition as per the recommendations of Narasimhan Committee. It was also suggested to classify the advances given by banks into Performing & Non Perfor…