FBT ---calculation of Intt
This query is : Resolved
18 September 2008
If Advance FBt is not paid throughout the period for 2007-08. And the fbt liability is Rs 1,00,000 for the Financial year 2007-08.
Then how the intt. would be calculated under Sec 115WJ(3). Note that I am suppose to pay FBT plus all Innt. in this September 2008?
Kindly give the FBT liability along with Interest?Please give the detailed workings?
Then how the intt. would be calculated under Sec 115WJ(3). Note that I am suppose to pay FBT plus all Innt. in this September 2008?
Kindly give the FBT liability along with Interest?Please give the detailed workings?
24 September 2008
CALCULATION OF INTEREST ON FBT U/S 115 WJ
TAX DUE 100,000
ADV. TAX PAID 15.06.07 0.00
ADV. TAX PAID 15.09.07 0.00
ADV. TAX PAID 15.12.07 0
ADV. TAX PAID 15.03.08 0
Ist Instalment 1% 3 0.00
IInd Instalment 1% 1 300.00
IIIrd Instalments1% 3 1800.00
4th Instalments 1% 5 5000.00
Total Rs.7100/=as interest payable.
TAX DUE 100,000
ADV. TAX PAID 15.06.07 0.00
ADV. TAX PAID 15.09.07 0.00
ADV. TAX PAID 15.12.07 0
ADV. TAX PAID 15.03.08 0
Ist Instalment 1% 3 0.00
IInd Instalment 1% 1 300.00
IIIrd Instalments1% 3 1800.00
4th Instalments 1% 5 5000.00
Total Rs.7100/=as interest payable.
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