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February 2009

Conditions prescribed to eligibility of the prepaid electronic meal card for FBT purposes u/s.115WB(2)(b)(iii) of the Act : Income-tax (First Amendment) Rules, 2009, dated 5-1-2009.

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
Reading Time 1 mins
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Part A : DIRECT TAXES


26 Conditions prescribed to eligibility of
the prepaid electronic meal card for FBT purposes u/s.115WB(2)(b)(iii) of the
Act : Income-tax (First Amendment) Rules, 2009, dated 5-1-2009.

FBT provisions were amended to exclude the prepaid electronic
meal cards from the ambit of the head of entertainment and hospitality on which
FBT is levied. Rule 40E has been introduced, which prescribes certain conditions
as stipulated for eligibility for the electronic meal cards for exclusion
purposes.

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