Fringe benefits definition expanded to include assessment and treatment of zero coupon bonds and fringe benefit tax inclusion. Amendments to section 2 add and revise definitions and assessment references to include fringe benefits (linked to section 115WB) and to define zero coupon bond as bonds issued by infrastructure capital companies, funds, or public sector companies with no payment before maturity, subject to Central Government notification; consequential edits include treating fringe benefit tax under section 115WA as included in income references and adding maturity or redemption of zero coupon bonds to taxable events.
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Provisions expressly mentioned in the judgment/order text.
Fringe benefits definition expanded to include assessment and treatment of zero coupon bonds and fringe benefit tax inclusion.
Amendments to section 2 add and revise definitions and assessment references to include fringe benefits (linked to section 115WB) and to define zero coupon bond as bonds issued by infrastructure capital companies, funds, or public sector companies with no payment before maturity, subject to Central Government notification; consequential edits include treating fringe benefit tax under section 115WA as included in income references and adding maturity or redemption of zero coupon bonds to taxable events.
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