Interest on Fbt

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This query is : Resolved

Kamlesh hundia (Querist)

27 October 2007 My comopany has not deposit advancetax on fbt paid quarterly
now i want to know about how the interest will be calculated From 01.04.2006 to tilldate that is 27.10.2007 If the tax on frinfe benefit is Rs 40509

R.V.RAO

R.V.RAO (Expert)

28 October 2007 UNDER SEC.115 W, WHERE AN ASSESSEE FAILS TO PAY ADVANCE TAX ON FBT FOR ANY QUARTER,OR WHEN PAID ,IT IS LESS THAN 30% OF VALUE OF FRINGE BENEFITS PAID,OR PAYABLE IN THE QRTR,A SIMPLE INTEREST OF 1% PER MONTH OR PART THEREOF FOR THE SHORTFALL IS PAYABLE TILL THE SHORT FALL CONTINUES.
THE AMOUNT OF ADVANCE TAX IN THE FIN. YEAR SHALL BE 30% OF VALUE OF FRINGE BENEFITS PAID OR PAYABLE IN EACH QRTR.(PLUS SURCHARGE AND CESS).
THE ADV. TAX IS PAYABLE ON OR BEFORE 15 TH OF THE MONTH FOLLOWING THE QRTR.FOR THE QRTR. ENDING ON 31 ST MARCH,THE TAX IS PAYABLE BY 15 TH MARCH OF THE FIN. YEAR.
I HOPE THESE DETAILS HELP YOU TO ARRIVE AT THE LIABILITY OF FBT IN YOUR CASE.
R.V.RAO

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