1. #1
    Unregistered

    What do we mean by fringe benefits and what are the types?

    I am studying income tax in 3rd year B.Com and in that we have to calculate tax on the fringe benefits available to the employees. There are various types of fringe benefits they have explained here. What do we mean by fringe benefits and can anybody explain me more about the types of it?

  2. #2
    sdeb Array
    Join Date
    Sep 2012
    Posts
    142

    Re: What do we mean by fringe benefits and what are the types?

    Hi Friend,
    Fringe benefits are welfare benefits that are given to employee.
    Please find below the list of fringe benefits.
    a)Entertainment,welfare,travel, accommodation
    b)Transportation allowance
    c) Superannuation
    d)Employee Stock Option Plan

    Fringe benefit tax was taken out from 2009 Finance budget.

  3. #3
    Ashutosh Tiwari Array
    Join Date
    Sep 2012
    Posts
    105

    Re: What do we mean by fringe benefits and what are the types?

    Dear friend,

    In simple words Fringe benefit is a collection of all those benefits received by an employer which are exempt from taxation.
    Mainly it includes -
    * Health Insurance
    * Group term life coverage
    * childcare reimbursements
    * Employee discounts
    * Education reimbursements
    * Cafeteria plans etc.

    In India the fringe benefit tax have been abolished in 2009 .

  4. #4
    Arjun Array
    Join Date
    Jul 2012
    Location
    turaaa
    Posts
    1,729

    Re: What do we mean by fringe benefits and what are the types?

    Dear, asker Defination of fringe benefit is '' employees benefit and services are widely as 'fringes' or 'fringe benefits' a term loosely applied to various extra benefits in addition to compensation that employees receive directly as normal wages or salaries. The term 'fringes or fringe benefits' has been widely use as a synonym for 'non-wages compensation'. The other types of fringe benefit may represent various means of providing income subtitutes for wages and salaries during periods of involuntary unemployment. It may be period of transitional unemployment,seasonal or cyclical unemployment associated with business recession or depression or structural or tecnological unemployement caused by changing demand for labour and the elimination of jobs.

+ Reply to Thread

Similar Threads

  1. Replies: 8
    Last Post: 26-03-2013, 01:07 PM
  2. How many types of customer satisfactions are there and what are they?
    By Unregistered in forum Professional Discussions
    Replies: 3
    Last Post: 10-01-2013, 08:59 PM
  3. Explain the types of appraisal measurement used in the company?
    By Unregistered in forum Professional Discussions
    Replies: 3
    Last Post: 26-09-2012, 03:24 PM
  4. Replies: 2
    Last Post: 13-09-2012, 12:42 AM