FBP stands for "Flexible Benefit Plan." It's a type of employee benefit plan that allows employees to choose from a range of pre-tax benefits to create a customized package that suits their individual needs. These benefits may include options like health insurance, life insurance, retirement savings plans, and more. FBP is designed to provide employees greater control over their benefits and allow them to choose the benefits that best fit their unique circumstances.
Employees can add FBP components in three scenarios: at the start of the financial year, when joining as a new employee, or during salary revisions. Outside of these situations, no changes to FBP claims are allowed.
Steps to Claim an FBP Component
Go to: My Finances → My Pay → Flexible Benefit Plan.
Click on Add FBP.
In the window that opens, add the amount for the eligible FBP component(s) assigned to you.
Click Add.
The claimed amount will be reflected as Tax Exempted in your Income Tax computation.
Important Note:
Once a reimbursable component is created as FBP, you need to claim the amount to get it tax-exempt, even if you’ve added the amount in the FBP claim.
Comments
0 comments
Please sign in to leave a comment.