reg - FBT

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narender (Querist)

16 May 2009 what is the provision for deposite of FBT - monthly basic or quarterly??????

if monthly what is the penality for late deposite if i am deposting quartely

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

16 May 2009 Advance FBT has to be paid on or before 15/6,15/9,15/12 and 15/3 in case of corporate assessees and in case of other assessees on or before 15/9,15/12 and 15/3 respectively.

Failure to pay advance FBT or where the advance tax paid is less than 90% of the tax assessed, the assessee shall be liable to pay simple interest @ 1% per month for every month or part of a month comprised in the period.

narender

narender (Querist)

16 May 2009 i am working in a corporate sector

and depositing the FBT on Quarterly BAsis .

is it right because i am not paying any interest on Monthly FBT.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

16 May 2009 Look at my answer to your 2nd query.

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