(1) Every assessee who is liable to pay advance tax under section 115WI, shall on his own accord, pay advance tax on his current fringe benefits calculated in the manner laid down in sub-section (2).
1 (2) Advance tax on the current fringe benefits shall be payable by-
(a) all the companies, who are liable to pay the same in four instalments during each financial year and the due date of each instalment and the amount of such instalment shall be as specified 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 the amount or amounts, if any, paid in the earlier instalment or instalments;
(b) all the assessees (other than companies), who are liable to pay the same in three instalments during each financial year and the due date of each instalment and the amount of such instalment shall be as specified in Table II below:
TABLE II
Due date of instalment Amount payable On or before the 15th September Not less
than thirty per cent of such advance tax. On or before the 15th December Not
less than sixty per cent of such advance tax as reduced by the amount, if any,
paid in the earlier instalment.
On or before the 15th March The whole amount of such advance tax as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments.
(3) Where an assessee, being 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 amount payable by the due date, he shall be liable to pay simple interest calculated at the rate of-
(i) one per cent per month, for three months on an amount by which the advance tax paid on or before the 15th June of the financial year falls short of fifteen per cent of the advance tax payable;
(ii) one per cent per month, for three months on an amount by which 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 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 amount payable by the due
date, he shall be liable to pay simple interest calculated at the rate of-
(i) one per cent. per month, for three months on an amount by which the advance tax paid on or before the 15th September of the financial year falls short of thirty per cent. of the advance tax payable;
(ii) 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 sixty per cent of the advance tax payable; and
(iii) 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 hundred per cent. of the advance
tax payable.
(5) Where an assessee has failed to pay the advance tax payable by him during a
financial year or where the advance tax paid by him is less than ninety per
cent. of the tax assessed under section 115WE or section 115WF or section 115WG,
the assessee shall be liable to pay simple interest at the rate of one per cent.
per month, for every month or part of a month comprised in the period from the
1st day of April next following such financial year to the date of assessment of
tax under section 115WE or section 115WF or section 115WG.
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1. Subs. by Act 22 of 2007, s. 40, for sub-sections (2) and (3) (w.e.f. 1-6-2007).
Section 115WA Charge of fringe benefit tax
Section 115WC Value of fringe benefits
Section 115WD Return of fringe benefits
Section 115WF Best judgment assessment
Section 115WG Fringe benefits escaping assessment
Section 115WH Issue of notice where fringe benefits have escaped assessment
Section 115WI Payment of fringe benefit tax
Section 115WJ Advance tax in respect of fringe benefits
Section 115WK Interest for default in furnishing return of fringe benefits
Section 115WKA Recovery of fringe benefit tax by the employer from the employee
Section 115WKB Deemed payment of tax by employee
Section 115WL Application of other provisions of this Act
Section 115WM Chapter XII-H not to apply after a certain date