Updates on Benefits in Kind – Courtesy of EY

The Tax Department issued two interpretative circulars providing certain clarifications with regard to the Informative booklet on Benefits in Kind which was issued in October 2018.

The first circular provides clarifications regarding the below provisions included in the Informative booklet on BIK:

Paragraph 2.3 of Informative booklet on BIK – Keeping of Records

The Tax Department issued Form T.D. 286 (enclosed in the relevant circular) which is a form / template, describing in detail which data and required information should be kept in the records of the employers who provide Benefits in Kind to their employees. The employer should keep one Form T.D. 286 for each employee who receives a Benefit in Kind which should be available for inspection if requested by the Tax Department.

For further information read here:- bik–tax-alert-