Fringe benefit valuation reduced for carriage operators, altering contributions threshold and expense inclusion under amended tax provision. The amendment to section 115WC effective 1 April 2007 narrows deductible employer contributions by permitting deduction only for the portion exceeding one lakh rupees per employee, adds a deduction limited to five per cent of expenses referenced in clause (Q) of section 115WB, and establishes that employers engaged in carriage by aircraft or ship shall use a five per cent valuation for specified fringe benefits in place of the twenty per cent valuation otherwise applicable under section 115WB.
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Provisions expressly mentioned in the judgment/order text.
Fringe benefit valuation reduced for carriage operators, altering contributions threshold and expense inclusion under amended tax provision.
The amendment to section 115WC effective 1 April 2007 narrows deductible employer contributions by permitting deduction only for the portion exceeding one lakh rupees per employee, adds a deduction limited to five per cent of expenses referenced in clause (Q) of section 115WB, and establishes that employers engaged in carriage by aircraft or ship shall use a five per cent valuation for specified fringe benefits in place of the twenty per cent valuation otherwise applicable under section 115WB.
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