« Top Headlines » Open DEMAT Account in 24 hrs   How to check income tax return (ITR) status  Income tax rules: How much cash can you receive in one day to avoid an I-T notice?  Tax saving tips: How you can reduce tax burden under the new regime  Condonation of delay under section 119(20) of the Income-tax Act, 1961 in filing of Form No. 9A/10/108/10BB for Assessment Year 2018-19 and subsequent assessment years  Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10-IC or Form No. 10-ID for Assessment Years 2020-21, 2021-22 and 2022-23  New GST form notified to help taxpayers adjust tax demand amount: Here's how to use  ITR filing deadline extended to November 15, 2024 for these taxpayers «  Mauritius wants DTAA sops to stay... I-T weighs steps to up excise collection... » Govt sees 50% rise in FBT mop-up in 2006-07 October, 05th 2006 The government said on Tuesday that it expects a 50% increase in fringe benefit tax (FBT) collection during 06-07. The revenue department expects a collection in the range of Rs 4,000-5,000 crore this year compared with last fiscals Rs 3,000 crore, revenue secretary KM Chandrashekhar told reporters here. He also said that FBT is not a complex tax as is being perceived and that the government will continue to make life simpler for the salaried class. He, however, said that the salaried class will not be exempted from filing returns. He made the comments at the release of a guidance note on auditing of FBT, developed by the Institute of Chartered Accountants of India (ICAI). The note guides chartered accountants how to certify the value of fringe benefits in form 3 CD as part of tax audit. Corporates and large firms have to file their tax audit reports of FY06 by this month-end.The new guidance gives detailed instructions to chartered accountants about the audit approach and their reporting responsibilities. It is the primary responsibility of the assessee to prepare the necessary details in the annexure 2 of the form and the tax auditor has to verify it. To determine whether a specified expenditure is liable for FBT, its natural meaning has to be considered. The note also details the approach to be followed when the auditor differs from the assessee and when he wants to qualify the audit report or to give a disclaimer or a negative report. The note also discusses the implications of FBT legislation on cross-border transactions. The government had notified the revised audit form 3CD to include the auditor's report on FBT and on tax deducted at source on August 10, 06. ICAI has been instrumental in evolving the new form after the government introduced FBT in 05.