The Finance Bill 2008, contains proposals regarding the amendment of provisions in Chapter XII-H of the Income Tax Act 1961, related to the fringe benefit tax.
The proposed amendments are either a clarification or give relief to employers with respect to the fringe benefit tax liability. The key amendments are outlined below.
Electronic meal cards
Partner
KR Chawla & Co
The bill seeks to amend section 115WB(2)(B) to provide that expenditures or payment through an electronic meal card will not attract fringe benefit taxes if a number of conditions are met.
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Sumes Dewan is a partner at KR Chawla & Co Advocates & Legal Consultants. The firm is headquartered in New Delhi and has offices in Chennai and Bangalore as well as a representative office in Singapore.
Head Office
7th Floor, Kailash Building
26, Kasturba Gandhi Marg
New Delhi – 110 001
India
Tel: +91 11 2335 7658-61
Fax: +91 11 2331 9997
Email: krclo@krcco.com
Singapore
9 Temasek Boulevard
#32-01 Suntec Tower 2
Singapore – 038989
Tel: +65 6432 5220
Fax: +65 6332 1485
Email: krlcosingapore@krcco.com
