India - Income Tax Act 2010 - Saarc

1.601 CH. XII-H - INCOME-TAX ON FRINGE BENEFITS S. 115WDsection 115WB shall be “five per cent” instead of “twenty per cent”referred to in clause (c) of sub-section (1);76[(da) in the case of an employer engaged in the business of carriage ofpassengers or goods by aircraft, the value of fringe benefits for thepurposes referred to in clause (G) of sub-section (2) of section 115WBshall be “five per cent” instead of “twenty per cent” referred to inclause (c) of sub-section (1);(db) in the case of an employer engaged in the business of carriage ofpassengers or goods by ship, the value of fringe benefits for thepurposes referred to in clause (G) of sub-section (2) of section 115WBshall be “five per cent” instead of “twenty per cent” referred to inclause (c) of sub-section (1);](e) in the case of an employer engaged in the business of carriage ofpassengers or goods by motor car, the value of fringe benefits forthe purposes referred to in clause (H) of sub-section (2) of section115WB shall be “five per cent” instead of “twenty per cent” referredto in clause (c) of sub-section (1);(f) in the case of an employer engaged in the business of carriage ofpassengers or goods by aircraft, the value of fringe benefits for thepurposes referred to in clause (I) of sub-section (2) of section 115WBshall be taken as Nil.C.—Procedure for filing of return in respect of fringe benefits,assessment and payment of tax in respect thereofReturn of fringe benefits 77 .115WD. (1) Without prejudice to the provisions contained in section 139, everyemployer who during a previous year has paid or made provision forpayment of fringe benefits to his employees, shall, on or before the due date,furnish or cause to be furnished a return of fringe benefits to the AssessingOfficer in the prescribed form 78 and verified in the prescribed manner and settingforth such other particulars as may be prescribed, in respect of the previous year.Explanation.—In this sub-section, “due date” means,—(a) where the employer is—(i) a company; or(ii) a person (other than a company) whose accounts are required tobe audited under this Act or under any other law for the timebeing in force,the 79 [30th day of September] of the assessment year;(b) in the case of any other employer, the 31st day of July of theassessment year.76. Inserted by the Finance Act, 2006, w.e.f. 1-4-2007.77. See Circular No. 3/2007, dated 25-5-2007. For details, see Taxmann’s Master Guide toIncome-tax Act.78. See rule 12.79. Substituted for “31st day of October” by the Finance Act, 2008, w.e.f. 1-4-2008.