TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Income-tax Act Section 115WC Amended: New Clauses Reduce Fringe Benefit Valuation Rate for Aircraft and Shipping Sectors</h1> Section 115WC of the Income-tax Act is amended effective April 1, 2007. In sub-section (1), clause (b) is revised to address contributions exceeding one lakh rupees per employee, and a new clause (e) introduces a five percent expense provision. In sub-section (2), new clauses (aa) and (ab) reduce the fringe benefit valuation rate from twenty percent to five percent for employers in the aircraft and shipping sectors, respectively, for specific purposes. Additional clauses (da) and (db) apply the same reduced rate to other fringe benefit calculations for these industries.
TaxTMI 
TaxTMI 
