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Central Board of Direct Taxes (CBDT) have issued Circular No. 8/2005 on 29th August, 2005 explaining the provisions of the Fringe Benefit Tax (FBT) introduced by Finance Act, 2005. The Circular clarifies a number of issues raised by trade and industry at different fora such as scope of the levy, applicability of FBT to foreign companies, etc.
The Circular clarifies that an employer-employee relationship is essential for levy of FBT and it is applicable to only those employers who have employees based in India. The Circular can be accessed at the following websites:-
(i) www.finmin.nic.in
(ii) www.incometaxindia.gov.in
BSC/BY/GN-324/05
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