Non-levy of interest/penalty on delayed payment of the first instalment of advance fringe benefit tax up to 15th August, 2005 - Income Tax - F. No. 142/24/2005-TPL

Non-levy of interest/penalty on delayed payment of the first instalment of advance fringe benefit tax up to 15th August, 2005 F. No. 142/24/2005-TPL Dated July 18, 2005. It has been brought to the notice of the Central Board of Direct Taxes that Fringe Benefit Tax, being a new levy and taxpayers not being familiar with the practices and procedure for payment of this tax, are facing difficulty in payment of the first instalment of the advance fringe benefit tax due on or before 15th July, 2005. It has accordingly been decided that interest shall not be charged on delayed payment of the first instalment of advance fringe benefit tax up to 15th August, 2005. It may also be clarified that in any case, penalty is not leviable for delayed payment of advance fringe benefit tax. 2. This may be brought to the notice of all the officers working in your region. (Sd.) Pragya S. Saksena Director (TPL-II)