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11. Advance Tax In Respect Of Fringe Benefits "[ Assessments of 'Fringe Benefits' ]

Every assessee who is liable to pay fringe benefit tax, shall on his own accord pay advance tax his current fringe benefits as under.

Company Assessee

1. On or before the 15th June

Not less than 15% of such advance tax.

2. On or before the 15th September

Not less than 45% as reduced by the amount deposited in the earlier installment.

3. On or before the 15th December

Not less than 75% as reduced by the amount deposited in earlier installments.

4. On or before the 15th March

The whole amount of such advance tax as reduced by the amount and deposited in earlier installment or installments.


All the assesses (other than companies)

Due date of installment

Amount Payable

1. On or before the 15th September

Not less than 30% of such advance tax.

2. On or before the 15th December

Not less than 60% as reduced by the amount deposited in the earlier installment.

3. On or before the 15th March

The whole amount of such advance tax as reduced by the
amount deposited in earlier installment or installments

 

The above valuation of fringe benefits is shown in a chart given below

Value of  Fringe Benefits

 

 

Fringe Benefit

Taxable Value

1

Any free or concessional ticket provided by the employer for private journeys of his employees or their family members :

Actual cost charged by or provided by an employer, less any amount paid by employee.

2

Any contribution by the employer to an approved superannuation fund for employees

Actual amount of contribution made by employer.

3

(a) Entertainment;


(b) Provision of hospitality of every kind by the employer to any person, whether by way of provision of food or beverages or in any other manner whatsoever and whether or not such provision is made by reason of any express or implied contract or custom or usage of trade.

(c) Conference (other than fee for participation by the employees in any conference). For the purposes of this clause, any expenditure on conveyance, tour and travel (including foreign travel), on hotel, or boarding and lodging in connection with any conference shall be deemed to be expenditure incurred for the purposes of conference

(d) Sales promotion including publicity

(e) Employee’s welfare

(f) Conveyance, tour and travel (including foreign travel)

 

 

 

 

 

(g) Use of hotel, boarding and lodging facilities

 

 

 

(h) Repair, running (including fuel) and maintenance of motorcars and the amount of depreciation thereon

 

 

 

(i) Repair, running (including fuel) and maintenance of aircrafts and the amount of depreciation thereon ;

 

 

 

 

(j) Use of telephone (including mobile phone) other than expenditure on leased telephone lines

 

(k) Maintenance of any accommodation in the nature of guest house other than accommodation used for training purposes

 

(l) Festival celebrations

 

(m) Use of health club and similar facilities

 

(n) Use of any other club facilities

 

(o) Gifts ; and

 

(p) Scholarships.

 

20% of actual expenditure.

 

20% of actual expenditure but in hotel business it will be 5% of actual expenditure.

 

 

 

20% of actual expenditure.

 

 

 

 

 

 

20% of actual expenditure.

 

20% of actual expenditure.

 

20% of actual expenditure but in
business of construction and computer software it will be 5% of actual expenditure.

 

20% of actual expenditure but in pharmaceuticals and computer software business it will be 5% of actual expenditure.

 

20% of actual expenditure but in pharmaceuticals and carriage of goods business it will be 5% of actual expenditure.

 

20% of actual expenditure. For business of carrying goods or passengers by aircraft the taxable value shall be
NIL.

 

20% of actual expenditure.

 

 

20% of actual expenditure.

 

 

50% of actual expenditure.

 

50% of actual expenditure.

 

50% of actual expenditure.

 

50% of actual expenditure.

 

50% of actual expenditure.

 

 
 

 
More Topics... @ FBT
Assessment of Fringe Benefit Tax (FBT) - An Introduction
Rationale And Meaning Of ‘Fringe Benefits Tax’ : Assessments of ' Fringe Benefits'
Perquisites Taxable In The Hands Of Employees V/S Fringe Benefits Tax : Assessments of ' Fringe Benefits'
Feature Of Fringe Benefits Tax : Assessments of ' Fringe Benefits'
Meaning Of Certain Expressions [ Section 115W] : Assessments of ' Fringe Benefits'
Charge Of Fringe Benefit Tax [Section 115WA ] : Assessments of ' Fringe Benefits'
Fringe Benefits [Section 115WB] : Assessments of ' Fringe Benefits'
Some Examples of Fringe Benefits : Assessments of ' Fringe Benefits'
Some Examples Of Benefits Which Are Not Fringe Benefits : Assessments of ' Fringe Benefits'
Value Of Fringe Benefits [Section 115WC] : Assessments of ' Fringe Benefits'
Advance Tax In Respect Of Fringe Benefits : Assessments of ' Fringe Benefits'
Return Of Fringe Benefits [Section 115WD] : Assessments of ' Fringe Benefits'
Assessment Of Fringe Benefits [Section 115WE ]
Best Judgement Assessment [Section 115WF ] : Assessments of ' Fringe Benefits'
Time Limit - Completion Of Assessment U/s-115WF-Sec-153 Amendment
Fringe Benefits Escaping Assessment [Section 115WG] : Assessments of ' Fringe Benefits'
Section 115WH :Issue Of Notice Where Fringe Benefits Have Escaped Assessment
Payment Of Fringe Benefit Tax [Section 115WI ] : Assessments of ' Fringe Benefits'
Advance Tax In Respect Of Fringe Benefits [Section 115WJ ] : Assessments of ' Fringe Benefits'
Interest For Default In Furnishing Return Of Fringe Benefits [Section 115WK]
Computation Of Interest U/S 115WK—Amendment In Section 140A(1A)]
Claim Of Refund Under Fringe Benefit Tax [Section 238(1A)]
Period Within Which Refund Of Tax Paid Under Fringe Benefits Tax Can Be Claimed [Section 239(2)] : Assessments of ' Fringe Benefits'
Interest On Refund Under Fringe Benefit Tax [Section 244A(1) and (3)] : Assessments of ' Fringe Benefits'
Appeal To Commissioner (Appeals)[Section 244A(1)(AA)] : Assessments of ' Fringe Benefits'
Penalty For Non Complying With The Notice [Section 271(1)(b) & (d)] : Assessments of ' Fringe Benefits'
Penalty For Failure To Furnish Return Of Fringe Benefits [Section-271FB] : Assessments of ' Fringe Benefits'
Penalty For Non-Furnishing Of Quarterly Return U/S 206(a) [Section 272a(2)] : Assessments of ' Fringe Benefits'
Prosecution For Not Furnishing Of Return U/S 115WD(1) or u/s 11WH(1) [Section 276CC] : Assessments of ' Fringe Benefits'
Abetment Of False Return Filed U/s-115WD(1) or U/s 115WH(2)[Section-278] : Assessments of ' Fringe Benefits'
Amendment Of Section 119 [Section-115WL] : Assessments of ' Fringe Benefits'
 
 
 
 
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