FBT INTEREST CALCLUATION

This query is : Resolved

HARINDER (Querist)
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02 August 2008 IF A COMPANY HAVEN'T PAID FBT OF FY 06-07 AND GOING TO PAY IT WITH INTEREST ON 15TH SEPT 08. HOW THE INTEREST WILL BE CALCULATED?

AMOUNT OF FBT Rs 200000

CA Hemant T Dewani

CA Hemant T Dewani (Expert)
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02 August 2008 When Interest is due for payment under Section 115WJ (3) Rate of Interest Period of Interest Amount on which Interest u/s 115WJ (3) is payable
If Advance tax paid on/ before June 15 is less than 15% of Advance Tax payable
Simple Interest @ 1% per month
3 months 15% of Advance tax payable minus Advance Tax paid up to 15th June

If Advance tax paid on/ before September 15 is less than 45%
Of Advance Tax payable
Simple Interest @ 1% per month
3 months 45% of Advance tax payable minus Advance Tax paid up to 15th September

If Advance tax paid on/ before December 15 is less than 75%
Simple Interest @ 1% per month
3 months 15% of Advance tax payable minus Advance Tax paid up to 15th June

If Advance tax paid on/ before December 15 is less than 100%
Simple Interest @ 1% per month
1 month 15% of Advance tax payable minus Advance Tax paid up to 15th June

HARINDER

HARINDER (Querist)
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02 August 2008 Can u pls make the calculations

FBT Payable - Rs 200000
From FY 06-07