Liability of FBT

[Adoni Raghavendra]

Whether Sponsorship Fee paid liable to FBT? and also please send me the latest expenses list which are liable to FBT ?

AI Summary

Sponsorship Fees for Government or Trade Events Excluded from Fringe Benefit Tax per Section 115WB of Income Tax Act. A query was raised regarding whether sponsorship fees are subject to Fringe Benefit Tax (FBT) and a request for the latest list of expenses liable to FBT. A response highlighted that according to section 115WB of the Income Tax Act, 1961, sponsorships for events organized by government agencies or trade associations are excluded from FBT. Another response confirmed that if expenses are not specifically excluded under section 115WB, they are taxable under FBT.