Implementation Of Fringe benefits Tax in Tally ERP : Fringe benefits are any amities, facility and service provided by an employer to its employee are known as fringe benefits tax it even includes former employee as reason of there service cater to organization earlier. It even include reimbursement made by an employer to its employee either directly or indirectly.
How to implement FBT in Tally ERP 9
Suppose M/s. Pathak Industries (P) Ltd. is a domestic company, which manufactures cement and other waterproofing components.
Step 2: Press F11:
|Ledger||Under||Inventory value are affected||Is FBT Applicable||Default FBT category|
|Conveyance A/c||Indirect expense||No||Yes||Conveyance|
|FBT||Under||Types of Duties and Taxes||Inventory value are affected|
|FBT Payable||Duties and taxes||FBT||NO|
|Ledger||`Under||Effective date of reconciliation||Opening Balance|
|Bank||Duties and taxes||1-4-2015||100000|
On 11th April, 2015, M/s. Pathak Industries reimbursed Rs. 5,400/- to Mr. Alok (Sr.Manager – Sales) towards Conveyance expenses bill no 1456