13. Assessment Of Fringe Benefits [Section 115WE] "[ Assessments of 'Fringe Benefits' ]

 

1.         Where a return has been made under Section 115WD

 

(i)        if any tax or interest is found due on the basis of such return, after adjustment of any advance tax paid, any tax paid on self assessment and any amount paid otherwise by way of tax or interest, then without prejudice to the provisions of sub-section (2), an intimation shall be sent to the assessee specifying the, sum so payable, and such intimation shall be deemed to be a notice of demand issued under section 156 and all the provisions of this Act shall apply accordingly ; and

 

(ii)       if any refund is due on the, basis of such return, it shall be granted to the assessee and an intimation to this effect shall be sent to the assessee :

 

Except as otherwise provided in this sub-section, the acknowledgment of the return shall be deemed to be an intimation under this sub-section where either no sum is payable by the assessee or no refund is due to him

[Proviso 1]

 

No intimation under this sub-section shall be sent after the expiry of one year from the end of the financial year in which the return is made.

[Proviso 2]

 

2.         Where a return has been furnished under section 115WD, the Assessing Officer shall, if he considers it necessary or expedient to ensure that the assessee has not understated the value of fringe benefits or has not underpaid the tax in any manner, serve on the assessee a notice requiring him on a date to be specified therein, either to attend his office or to produce, or cause to be produced, any evidence on which the assessee may rely in support of the return

 

No notice under this sub-section shall be served on the assessee after the expiry of six months from the end of the month in which the return is furnished. [Proviso 1]

 

3.         On the day specified in the notice issued under sub-section (2), or as soon afterwards as may be, after hearing such evidence. As the assessee may produce and such other evidence as the Assessing Officer may require on specified points, and after taking into accdunt all relevant material, which he has gathered, the Assessing Officer shall, by an order in writing, make an assessment of the value of the fringe benefits paid or payable by the assessee, and determine the sum payable by him or refund of any amount due to him on the basis of such assessment.

 

4.         Where a regular assessment under section 115WD(3) is made

 

(a)       any tax or interest paid by the assessee under sub-section (1) shall be deemed to have been paid towards such regular assessment

 

(b)       if no refund is due on regular assessment or the amount refunded under sub-section (1) exceeds the amount refundable on regular assessment, the whole or the excess amount so refunded shall be deemed to be tax payable by the assessee and the provisions of this Act shall apply accordingly.

 
 

 
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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