Advance tax on fringe benefits: new instalment schedule and shortfall interest rules impose monthly simple interest and compliance timings. Amendment to section 115WJ requires companies to pay advance tax on current fringe benefits in four instalments and other assessees in three instalments, each instalment subject to prescribed cumulative percentage thresholds and due dates; instalment liabilities are reduced by amounts already paid. The amendment imposes simple interest on any shortfall where instalments paid fall below required thresholds by due dates, and applies additional simple interest where total advance tax paid is less than the assessed tax threshold under sections 115WE, 115WF or 115WG, measured from the 1st April following the financial year to the date of assessment.
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Advance tax on fringe benefits: new instalment schedule and shortfall interest rules impose monthly simple interest and compliance timings.
Amendment to section 115WJ requires companies to pay advance tax on current fringe benefits in four instalments and other assessees in three instalments, each instalment subject to prescribed cumulative percentage thresholds and due dates; instalment liabilities are reduced by amounts already paid. The amendment imposes simple interest on any shortfall where instalments paid fall below required thresholds by due dates, and applies additional simple interest where total advance tax paid is less than the assessed tax threshold under sections 115WE, 115WF or 115WG, measured from the 1st April following the financial year to the date of assessment.
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