FBT Liability

[Guest]

A CA firm paid to NIRC Fees for the year for participating in all study group meetings & Seminars under CPE scheme by its working partners. As the partners are not employees, s the participating fees be liable for FBT ??

[Surender Gupta]

From the meaning of Fringe Benefits u/s 115WB, apparently it appears that the amount paid to NIRC for participating in all study group meetings and seminars should not be treated liable to FBT.

AI Summary

Fringe benefits: payments for partners' professional education participation are not treated as fringe benefits and not liable to FBT. Payments by a firm to a professional body to fund working partners' participation in study groups and seminars under a Continuing Professional Education scheme do not constitute Fringe Benefits and are not liable to fringe benefit tax when assessed according to the statutory meaning of fringe benefits for partners rather than employees.