« Top Headlines » Open DEMAT Account in 24 hrs  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money  ITAT Cuts ?4.85 Lakh Penalty After ?14.02 Lakh Interest Income Was Missed in ITR «  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.