« Top Headlines » Open DEMAT Account in 24 hrs  ITR Refund Status 2026: How to Track Your Income Tax Refund Online – Step-by-Step Guide  GST Council Explores Andhra Pradesh’s AI-Driven Tax Administration Model  ITR filing 2026: Who must file by August 31? Tax department explains  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers «  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.