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of <h1>Fringe Benefit Tax Abolished in 2009; Advance Payments for 2010-11 Can Be Adjusted or Refunded.</h1> The Finance Act, 2005 introduced the Fringe Benefit Tax (FBT), which was abolished by the Finance (No. 2) Act, 2009, effective from the Assessment Year 2010-11. As a result, employee benefits are now taxed as perquisites. However, some taxpayers paid advance tax for FBT for the Assessment Year 2010-11. The Board has decided that such payments will be treated as advance tax paid for the same assessment year. Taxpayers can adjust this amount against their advance tax obligations or claim a refund if applicable. This circular is to be communicated to all relevant officers for compliance.
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