« Top Headlines » Open DEMAT Account in 24 hrs  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately «  Mauritius wants DTAA sops to stay... I-T weighs steps to up excise collection... » Govt sees 50% rise in FBT mop-up in 2006-07 October, 05th 2006 The government said on Tuesday that it expects a 50% increase in fringe benefit tax (FBT) collection during 06-07. The revenue department expects a collection in the range of Rs 4,000-5,000 crore this year compared with last fiscals Rs 3,000 crore, revenue secretary KM Chandrashekhar told reporters here. He also said that FBT is not a complex tax as is being perceived and that the government will continue to make life simpler for the salaried class. He, however, said that the salaried class will not be exempted from filing returns. He made the comments at the release of a guidance note on auditing of FBT, developed by the Institute of Chartered Accountants of India (ICAI). The note guides chartered accountants how to certify the value of fringe benefits in form 3 CD as part of tax audit. Corporates and large firms have to file their tax audit reports of FY06 by this month-end.The new guidance gives detailed instructions to chartered accountants about the audit approach and their reporting responsibilities. It is the primary responsibility of the assessee to prepare the necessary details in the annexure 2 of the form and the tax auditor has to verify it. To determine whether a specified expenditure is liable for FBT, its natural meaning has to be considered. The note also details the approach to be followed when the auditor differs from the assessee and when he wants to qualify the audit report or to give a disclaimer or a negative report. The note also discusses the implications of FBT legislation on cross-border transactions. The government had notified the revised audit form 3CD to include the auditor's report on FBT and on tax deducted at source on August 10, 06. ICAI has been instrumental in evolving the new form after the government introduced FBT in 05.