FRINGE BENIFIT TAX
This query is : Resolved
30 May 2008
If FBT of the previous year i.e.AY2007-08 is not paid till then what is the consequence to file return for this year.
CA Hemant T Dewani
(Expert)
30 May 2008
Interest for default in furnishing Return of Fringe Benefit Tax
Where the return of fringe benefits for any Assessment year has been furnished after the due date as specified in Section 115WD (1) or in response to a notice under Section 115WD (2) of that section, is furnished after the due date, or is not furnished, the employer shall be liable to pay simple interest @ 1% per month for every month or part thereof comprised in the period commencing from on the date immediately following the due date:-
Where the return is furnished after the due date, ending on the date of furnishing of the return;
Where no return furnished, ending on the date of completion of the assessment under section 115WF, on the amount of the tax on the value of fringe benefits as determined under Section 115WE (1) or regular assessment as reduced by the Advance Tax paid under Section 115 WJ.
Where the return of fringe benefits for any Assessment year has been furnished after the due date as specified in Section 115WD (1) or in response to a notice under Section 115WD (2) of that section, is furnished after the due date, or is not furnished, the employer shall be liable to pay simple interest @ 1% per month for every month or part thereof comprised in the period commencing from on the date immediately following the due date:-
Where the return is furnished after the due date, ending on the date of furnishing of the return;
Where no return furnished, ending on the date of completion of the assessment under section 115WF, on the amount of the tax on the value of fringe benefits as determined under Section 115WE (1) or regular assessment as reduced by the Advance Tax paid under Section 115 WJ.
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