ICAI guidance note on audit of fringe benefit tax
The Institute of Chartered Accountants of India (ICAI) on Tuesday issued a guidance note on audit of the fringe benefit tax (FBT). The note is aimed at ensuring compliance of tax assessees with the FBT provisions and simplifying the complexities in these provisions. Releasing the guidance note, revenue secretary KM Chandrasekhar said the government was taking initiatives in simplifying tax laws. He was happy with ICAI for training of service-tax officers in understanding financial statements. He said FBT collection this fiscal was expected to show a substantial increase.