Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 March 31 deadline is getting near. How to save income tax with tax loss harvesting?
 45-day MSME payment rule: Impact and details of Section 43B(h) explained
 Small savings schemes that offer tax benefits of up to Rs 1.5 lakh under section 80C
 RE-OPENING OF CORRECTION WINDOW FOR MAY 2024 CA EXAMINATIONS
 Powerful Upgrades, Tally 12+1 months renewal Plan and Connected Services for your growing Business - March 2024
 How innovative solutions can help fix the Sec 43B conundrum for MSMEs
 Income Tax dept asks many individuals to explain high value transactions of FY20-21 as Updated ITR deadline nears
 Release Notes for TallyPrime and TallyPrime Edit Log Release 4.1 | What s New!
 Deadline to file updated ITR FY20-21 ends on March 31: Details on additional tax
 4 tax-planning mistakes to avoid this season
 ITR 2024: Here are 8 ways by which senior citizens can save on taxes this year

Now, pay FBT in advance
March, 03rd 2007

Tax payers will now have to pay FBT when they make payments for advance tax to the governments. Budget 2007-08 has aligned the due dates for payment of FBT with advance corporate or income tax.

Finance Minister P Chidambaram has proposed amendments in the provisions of the FBT which will align the advance FBT payments with corporate tax or personal income tax payments. Earlier, a tax payer had to pay FBT after the completion of the quarter on the amount which was already spent. After the aligning of the dates, he will have to make advance payment as specified.

Earlier, an assessee had to pay FBT for each quarter gone after the end of quarter. But, now by aligning it with the income tax rate they will have to pay 15 days in advance according to the advance tax schedule.

The companies have to pay not less 15% of the advance tax before June 15, 45% on or before September 15 and 75% as reduced by the amount paid in earlier installment by December 15 and whole amount by March 15 of the financial year.

According to KPMG, Director, Vikas Vasal with this change a tax payer will not have to pay tax to the same department at two different dates and he can make his payment on the same day.

The assessee would now have to make an assessment of his expenditure in advance on the same lines as his income.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting