Advance tax in respect of fringe benefits.82a
115WJ. (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).
83[(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.]