Financial Daily from THE HINDU group of publications
Tuesday, May 31, 2005
Financial Daily from THE HINDU group of publications Tuesday, May 31, 2005 |
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Corporate
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Accounting Standards Industry & Economy - Income Tax ICAI finalises Guidance Note on fringe tax K.R. Srivats
New Delhi , May 30 CORPORATES would soon have guidance on how they should account and disclose the amounts paid towards fringe benefit tax (FBT). The Institute of Chartered Accountants of India (ICAI) has finalised a Guidance Note that requires corporates to disclose FBT as a separate line item in their financial statements. This would also imply that FBT would have to be disclosed separately in both the quarterly as well as annual earnings disclosures of corporates. "The FBT has to be shown as a line item that is separate from the current tax liability of the company. FBT is not a tax on income of the company and therefore cannot form part of the current tax liability," Mr Ved Jain, Chairman, Fiscal Laws Committee of the ICAI, told Business line here. He also said that FBT couldn't be considered as part of employee cost as it was an additional tax and the liability to pay this tax was on the employer and not on the employee.
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