21 April 2009
The due date for the return of fringe benefit tax for a companay or business or profession (non-corporate) where the books of accounts are required to be audited is September 30. For all others, the due date is July 31.
Advance Payment of Fringe Benefit Tax The fringe benefit tax is payable in advance, as under On or before June 15 -- 15% of advance tax On or before September 15 -- 45% of advance tax for corporate assessee or 30% of advance tax for non-corporate assessee On or before December 15 -- 75% of advance tax for corporate assessee or 60% of advance tax for non-corporate assessee On or before March 15 -- 100% of advance tax for corporate or non-corporate assessee (Note: Advance FBT is to be paid even if the tax is less than Rs. 5,000)
The following is issued by the Council of the Institute of Chartered Accountants of India: the Fringe Benefits Tax should be disclosed as a separate item after determining profit before tax on the face of the profit and loss account for the period in which the related fringe benefits are recognised. An illustration of the disclosure of Fringe Benefits Tax may be as below:
Profit before tax xxx Less: Income-tax expense: Current tax xxx Deferred tax xxx xxx Fringe Benefits Tax xxx xxx Profit after tax xxx
The amount of the Fringe Benefits Tax (net of the advance tax thereon), outstanding if any, at the year-end, should be disclosed as a provision in the balance sheet.
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