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Interest on FBT u/s 115WJ(3) & (5)

Sujit Talukder (service) (719 Points)

03 April 2008

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)?

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intt on fbt u/s 115wj(5)

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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)?	"

Sujit Talukder (service) (719 Points)
Replied 20 September 2008

Where is the reply GOPAKUMAR? You have only quoted my question.

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interest on fbt

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how to calculate the interst of shortfall of payment of advance tax of fringe beenfit tax for A.Y. 2006-07? what are the due dates then ? is tha calculation same like short fall of incometax advance tax

Sudhakar.A (nil) (22 Points)
Replied 10 September 2009

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

Attached File : 6 int on fbt.xls downloaded: 1192 times

Dharmesh k. Dubey (Student) (188 Points)
Replied 10 September 2009

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 .

Attached File : 14 1.doc downloaded: 589 times