9911796707
TMI BlogAdvance tax in respect of fringe benefitsX X X X Extracts X X X X X X X X Extracts X X X X ..... ed in Table I below : Table I Due date of instalment Amount payable On or before the 15th June Not less than fifteen per cent of such advance tax. On or before the 15th September Not less than forty-five per cent of such advance tax as reduced by the amount, if any, paid in the earlier instalment. On or before the 15th December Not less than seventy-five per cent of such advance tax as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments. On or before the 15th March The whole amount of such advance tax as reduced by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch the advance tax paid on or before the 15th September of the financial year falls short of forty-five per cent of the advance tax payable; (iii) one per cent per month, for three months on an amount by which the advance tax paid on or before the 15th December of the financial year falls short of seventy-five per cent of the advance tax payable; and (iv) one per cent on an amount by which the advance tax paid on or before the 15th March of the financial year falls short of the hundred per cent of the advance tax payable. (4) Where an assessee, being a person other than a company, has failed to pay the advance tax payable by him on or before the due date for any instalment or where the advance tax paid by him is less than the amoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (2) The amount of advance tax payable by an assessee in the financial year shall be thirty per cent of the value of the fringe benefits referred to in section 115WC, paid or payable in each quarter and shall be payable on or before the 15th day of the month following such quarter: Provided that 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. (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 pe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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