While calculating Interest for short fall on Advance Payment of Advance FBT u/s 115WJ(3) for Comapnies, Is the calcualted in line with Section 234A?
Whether Rounding off to Rs 100 condition is applicable for this section also?
Also if Advance Tax paid doesnot cover by 90% of Fringe Benefit Tax Liability then rounding to Rs 100 facility is available u/s 115WJ(5)?
intt on fbt u/s 115wj(5)
| Originally posted by :Sujit Talukder | ||
| " | While calculating Interest for short fall on Advance Payment of Advance FBT u/s 115WJ(3) for Comapnies, Is the calcualted in line with Section 234A? Whether Rounding off to Rs 100 condition is applicable for this section also? Also if Advance Tax paid doesnot cover by 90% of Fringe Benefit Tax Liability then rounding to Rs 100 facility is available u/s 115WJ(5)? |
" |
Where is the reply GOPAKUMAR? You have only quoted my question.
interest on fbt
The calculation of Interest on non-payament and /or short payment od FBT is same as Advance tax.
Find the attched file for calculation.
CA. Deepthi Sannidhi
hi frndz,
yes calculation of interest on default in advance payment of fbt u/s 115WJ(3) is in same line as 234A and an assesse is allowed to take r/off in Rs .100 for interst calculation . however while computing tax liabilty for the whole year u hav 2 r/off for every installment of advance payment of fbt , so atlast for interst calculation u/s 115WJ(5) , u will get a r/off figure coz that amount will b total of all the quarters .and this wd b the amount which has to be taken for comparing 90 % payment criteria .
Please can anyone tell me the details about Interest changed us 115 WJ(3) and 115 WJ(5).
CAclubindia
