The Hindu Business Line : Donations to NGOs, charitable bodies may be spared from FBT

DONATIONS to non-governmental organisations (NGOs) and approved charitable institutions are likely to be excluded from the ambit of fringe benefit tax (FBT).

The proposed Central Board of Direct Taxes circular on FBT is likely to make a clarification to this effect, the Chairman of ICAI's Fiscal Laws Committee, Mr Ved Jain, said here on Friday.

Addressing a seminar on income-tax organised by the Northern India Regional Council of the Institute of Chartered Accountants of India (ICAI), Mr Jain said the income-tax law already provided for tax exemptions on donations made to approved charitable institutions.

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Donations to NGOs, charitable bodies may be spared from FBT