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of <h1>Section 115WJ requires advance tax payment on fringe benefits in quarterly instalments with 1% monthly interest on defaults</h1> Section 115WJ of the Income Tax Act, 1961 mandates advance tax payment on fringe benefits by assessees liable under section 115WI. Companies must pay in four instalments: 15% by June 15, 45% by September 15, 75% by December 15, and 100% by March 15. Non-company assessees pay in three instalments: 30% by September 15, 60% by December 15, and 100% by March 15. Failure to meet instalment deadlines or shortfalls incurs simple interest at 1% per month for three months on deficient amounts. Additional interest applies if advance tax paid is less than 90% of assessed tax.
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