India - Income Tax Act 2010 - Saarc

S. 115WJ I.T. ACT, 1961 1.606benefits shall be payable in advance during any financial year, in accordancewith the provisions of section 115WJ, in respect of the fringe benefits whichwould be chargeable to tax for the assessment year immediately following thatfinancial year, such fringe benefits being hereafter in this Chapter referred to asthe “current fringe benefits”.Advance tax in respect of fringe benefits. 82a115WJ. (1) Every assessee who is liable to pay advance tax under section115WI, shall on his own accord, pay advance tax on his current fringebenefits 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 instalmentsduring each financial year and the due date of each instalment andthe amount of such instalment shall be as specified in Table I below :Due date of instalmentOn or before the 15th JuneOn or before the 15th SeptemberOn or before the 15th DecemberOn or before the 15th MarchTABLE IAmount payableNot less than fifteen per cent of such advancetax.Not less than forty-five per cent of suchadvance tax as reduced by the amount, ifany, paid in the earlier instalment.Not less than seventy-five per cent of suchadvance tax as reduced by the amount oramounts, if any, paid in the earlier instalmentor instalments.The whole amount of such advance tax asreduced 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 thesame in three instalments during each financial year and the due dateof each instalment and the amount of such instalment shall be asspecified in Table II below :82a. See Circular No. 2/2010, dated 29-1-2010. For details see Taxmann’s Master Guide toIncome-tax Act.83. Substituted for sub-sections (2) and (3) by the Finance Act, 2007, w.e.f. 1-6-2007. Prior totheir substitution, sub-sections (2) and (3) read as under :“(2) The amount of advance tax payable by an assessee in the financial year shall be thirtyper cent of the value of the fringe benefits referred to in section 115WC, paid or payablein each quarter and shall be payable on or before the 15th day of the month following suchquarter:Provided that the advance tax payable for the quarter ending on the 31st day of March ofthe financial year shall be payable on or before the 15th day of March of the said financialyear.(3) Where an assessee, has failed to pay the advance tax for any quarter or where theadvance tax paid by him is less than thirty per cent of the value of fringe benefits paid orpayable in that quarter, he shall be liable to pay simple interest at the rate of one per centon the amount by which the advance tax paid falls short of, thirty per cent of the value offringe benefits for any quarter, for every month or part of the month for which theshortfall continues.”