FBT - Interest calculation on delayed or part payment
This query is : Resolved
04 October 2007
1) If we pay FBT on 30th Aug insteads of 15July, what will be calculations for interest.
2) If we pay FBT on time but pay in part, like payable is Rs.50,000 but we pay only Rs. 40,000/-), in this case interest will be calculated on what basis for balance payment of whole payment ?
2) If we pay FBT on time but pay in part, like payable is Rs.50,000 but we pay only Rs. 40,000/-), in this case interest will be calculated on what basis for balance payment of whole payment ?
04 October 2007
SIMPLE INTEREST @1% PER MONTH OR PART OF MONTH PAYABLE FOR ANY DELAY UNDER FBT.
FROM 1 ST JUNE 2007 ADVANCE FBT IS PAYABLE IN FOUR INSTALMENTS
ON OR BEFORE JUNE 15--UPTO 15%OF ADV.TAX
ON OR BEFORE SEPT 15-UPTO 45% OF ADV.TAX
ON OR BEFORE DEC 15--UPTO 75%OF ADV.TAX
ON OR BEFORE MAR 15-UPTO 100% OF ADV.TAX
FOR ANY NON PAYMENT OR SHORT PAYMENT OF FBT ,CALCULATION OF INTEREST IS DONE ON SAME LINES AS UNDER SEC. 234B AND 234C OF INCOME TAX ACT,EXCEPT THAT THERE IS NO RELIEF IN THE CASE OF A COMPANY WHOSE FIRST AND SECOND INSTALMENT OF ADVANCE FBT IS SLIGHTLY LOWER THAN THE SPECIFIED QUANTUM.
R.V.RAO
FROM 1 ST JUNE 2007 ADVANCE FBT IS PAYABLE IN FOUR INSTALMENTS
ON OR BEFORE JUNE 15--UPTO 15%OF ADV.TAX
ON OR BEFORE SEPT 15-UPTO 45% OF ADV.TAX
ON OR BEFORE DEC 15--UPTO 75%OF ADV.TAX
ON OR BEFORE MAR 15-UPTO 100% OF ADV.TAX
FOR ANY NON PAYMENT OR SHORT PAYMENT OF FBT ,CALCULATION OF INTEREST IS DONE ON SAME LINES AS UNDER SEC. 234B AND 234C OF INCOME TAX ACT,EXCEPT THAT THERE IS NO RELIEF IN THE CASE OF A COMPANY WHOSE FIRST AND SECOND INSTALMENT OF ADVANCE FBT IS SLIGHTLY LOWER THAN THE SPECIFIED QUANTUM.
R.V.RAO
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