Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: list of goods taxed at 4% :: articles on VAT and GST in India :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: empanelment :: VAT Audit :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: VAT RATES
 
 
« News Headlines »
 Income tax returns (ITR) filing guide: 10 excellent tax-saving options other than Section 80C to save money
 TDS Rate Chart for AY 2018-19
 Last date to submit third installment of advance tax is December 15
 5 tax-saving funds that have given stellar returns in the past 5 years
 Find out which ITR Form is suitable for you
  Pr CIT vs. Baisetty Revathi (Andhra Pradesh High Court)
 What is income tax?
 Refund procedure initiated under GST
 Income tax returns (ITR) filing: How to get capital gains tax benefits on assets in own name
 7 avenues to help you save tax under Section 80C of Income Tax Act
 How to make income tax law less taxing

FBT: India Inc wary of taxman's knock
July, 24th 2006

Your neighbours tax payment may well become your burden. Companies cant just relax having paid their own fringe benefit tax (FBT); they must also take a peek at what their peers are paying. If your FBT pay-out is significantly below what your peers have paid, be prepared for the taxmans knock at the door.

Surprised at the wide variation in FBT payments made by India Inc last fiscal, the income-tax department has decided to take a closer look at the tax filings of the top 100 assesses in every zone this year.

A concept note prepared by the department says: There has been wide variation in payment of FBT by members of similar categories of assessees. For example, while SBI has paid Rs 457 crore, Citibank has paid Rs 11 crore and ICICI Bank Rs 27 crore. In same period, Union Bank of India has paid Rs 32.4 crore, the note says.

The strategy involves comparing FBT figures of companies in similar categories. The plan has been put into operation from this month, as the first instalment of advance FBT for this fiscal was due by July 15.

The tax was introduced to bring within the tax net those employee perquisites that companies dress up as reimbursement of expenses and were being taxed neither as perks nor as salary income in the hands of the employees.

If there are wide variations in the tax paid, chief commissioners have been asked to personally monitor advance FBT payments. They will use quarterly financial results of each company from the CMIE data base, to match whether advance FBT paid is commensurate with expenses as specified in the I-T Act.

In cases where a wide gap is noticed between tax payable and tax paid for the first quarter, the chief commissioner should take necessary steps to ensure proper compliance of provisions by assessees, it says.

The department will also issue a com bined return form for FBT and income tax soon. For employers not liable to pay FBT, a separate return form will also be notified shortly.

The stakes are pretty high for the I-T department to make a success of FBT. The department has earned Rs 4,780 crore in FY06 from the tax and expects to earn almost Rs 6,500 crore from it this fiscal.

For any fiscal, FBT has to be paid on or before 15th of the month following a quarter. For the last quarter, the presumptive tax, however, has to be paid by March 15.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - About Us

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions