TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Section 115WK imposes 1% monthly interest penalty on employers for late fringe benefits return filing</h1> Section 115WK of the Income Tax Act, 1961 establishes interest penalties for employers who fail to file fringe benefits returns by the due date. Employers must pay simple interest at one percent per month on unpaid tax amounts from the day after the due date until either the return is filed or assessment is completed. The interest applies to tax on fringe benefits value as determined under assessment, reduced by advance tax payments. The provision incorporates procedural aspects from Section 234A and was inserted through the Finance Act, 2005, effective from April 1, 2006.
TaxTMI 
