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First instalment of FBT payment extended
June, 18th 2007

The Central Board of Direct Taxes (CBDT) has decided that the first installment of Fringe Benefit Tax, which is payable by tomorrow in respect of transfer or allotment of specified security or sweat equity shares to its employees, may now be paid by 15th of September, 2007 (the date of second instalment).

CBDT is currently in the process of notifying the method for determination of the fair market value. In the meantime, the first instalment of advance tax in respect of fringe benefit tax falls due on 15th of June. In the absence of a method for determination of the fair market value, it will not be possible for an employer to determine the value of the first instalment of advance tax related to fringe benefit tax in respect of allotment or transfer of specified security or sweat equity shares to its employees.

By virtue of the provision of clause (d) of sub-section (1) section 115 WB, introduced by Finance Act, 2007, an employer is liable to pay Fringe Benefit Tax on any consideration for employment provided by way of any specified security or sweat equity shares allotted or transferred, directly or indirectly, by such employer free of cost or at concessional rate to his employees. The value of the fringe benefit is determined as the fair market value of the specified security or sweat equity share on the date on which the option vests with the employee as reduced by the amount actually paid, by or recovered from the employee in respect of such security or shares. The fair market value for this purpose is to be determined in accordance with the method prescribed by the Board.

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