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Income Tax - Highlights / Catch Notes

Home Highlights April 2016 Year 2016 This

Exclusion of fringe benefit tax for arriving the net profit for ...

Income Tax

April 21, 2016

Exclusion of fringe benefit tax for arriving the net profit for the purpose of computation of income under section 115JB - AT

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  1. MAT - Addition to book profit of tax on non-monetary perquisites - without there being any corresponding amendment in the definition of Income Tax as provided in...

  2. Charge of fringe benefit tax - whether a person is a “servant“ or an “agent“ - Since those services were professional services FBT is not applicable - AT

  3. MAT computation - exclusion of income of SEZ unit while computing Book Profit u/s 115JB - book profit computed under section 115JB will not include income of SEZ Unit - AT

  4. MAT computation - amount disallowed under Sec. 14A cannot be added to arrive at the book profit for the purposes of Sec. 115JB - AT

  5. FBT - Deemed expenditure chargeable to fringe benefit tax u/s 115WB(2)(H) - there was no fringe benefit in in-house training expenditure - repayment of loan obtained for...

  6. Fringe Benefit Tax - Since there was no employer-employee relationship between the assessee on one hand and the doctors on the other hand to whom the free samples were...

  7. Fringe benefit tax on expenditure - FBT - Expenditure has been incurred for business necessity and not for providing any domestic benefit or amenity to the employee. The...

  8. Levy of additional income tax called “fringe benefit tax” (“FBT”) on fringe benefits provided or deemed to have been provided by an employer to his employees, in...

  9. FBT - Concessional rate of tax prescribed under rule 8 of the Income-tax Rules to determine the taxable value of fringe benefits - Assessee-employer shall be entitled to...

  10. Minimum alternate tax (MAT) - profit from sale of agricultural land, which is not a “Capital Asset”, cannot be included for the purpose of computing book profit u/s 115JB - AT

 

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