1. Every assessee who is liable to pay advance tax under Section 115W-i, shall on his own accord, pay advance tax on his current fringe benefits calculated in the manner laid down in subsection (2).
2. The amount of advance tax payable by an assessee in the financial year shall be thirty per cent (30%) of the value of the fringe benefits referred to in section 1 15WC, paid or payable in each quarter and shall be payable on or before the 15th day of the month following such quarter.
The advance tax payable for the quarter ending on the 31St day of March of the financial year shall be payable on or before the 15th day of March of the said financial year. [Proviso 1]
3. Where an assessee, has failed to pay the advance tax for any quarter or where the advance tax paid by him is less than thirty per cent. of the value of fringe benefits paid or payable in that quarter, he shall be liable to pay simple interest at the rate of one per cent. on the amount by which the advance tax paid falls short of, thirty per cent. of the value of fringe benefits for any quarter, for every month or part of the month for which the shortfall continues.