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Home Bare Acts Phrase: fringedIncome Tax Act, 1961 Section 115WC
Title: Value of Fringe Benefits.
State: Central
Year: 1961
.....per cent instead of twenty per cent referred to in clause (c) of sub-section (1); (c) in the case of an employer engaged in the business of manufacture or production of pharmaceuticals, the value of fringe benefits for the purposes referred to in clauses (F) and (G) of sub-section (2) of section 115WB shall be five per cent instead of twenty per cent referred to in clause (c) of sub-section (1); (d) in the case of an employer engaged in the business of manufacture or production of computer software, the value of fringe benefits for the purposes referred to in clauses (F) and (G) of sub-section (2) of section 115WB shall be five per cent instead of twenty per cent referred to in clause (c) of sub-section (1); 6[(da) in the case of an employer engaged in the business of carriage of passengers or goods by aircraft, the value of fringe benefits for the purposes referred to in clause (G) of sub-section (2) of section 115WB shall be five per cent instead of twenty per cent referred to in clause (c) of sub-section (1);] 6[(db) in the case of an employer engaged in the business of carriage of passengers or goods by ship, the value of fringe benefits for the purposes referred.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 115WG
Title: Fringe Benefits Escaping Assessment.
State: Central
Year: 1961
If the Assessing Officer has reason to believe that any fringe benefits chargeable to tax have escaped assessment for any assessment year, he may, subject to the provisions of sections 115WH, 150 and 153, assess or reassess such fringe benefits and also any other fringe benefits chargeable to tax which have escaped assessment and which comes to his notice subsequently in the course of the proceedings under this section, for the assessment year concerned (hereafter referred to as the relevant assessment year). Explanation : For the purposes of this section, the following shall also be deemed to be cases where fringe benefits chargeable to tax have escaped assessment, namely: (a) where no return of fringe benefits has been furnished by the assessee; (b) where a return of fringe benefits has been furnished by the assessee but no assessment has been made and it is noticed by the Assessing Officer that the assessee has understated the value of fringe benefits in the return; (c) where an assessment has been made, but the fringe benefits chargeable to tax have been under-assessed.
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 115W-I
Title: Payment of Fringe Benefit Tax
State: Central
Year: 1961
Notwithstanding that the regular assessment in respect of any fringe benefits is to be made in a later assessment year, the tax on such fringe benefits shall be payable in advance during any financial year, in accordance with the provisions of section 115WJ, in respect of the fringe benefits which would be chargeable to tax for the assessment year immediately following that financial year, such fringe benefits being hereafter in this Chapter referred to as the current fringe benefits.
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 115WJ
Title: Advance Tax in Respect of Fringe Benefits
State: Central
Year: 1961
.....the advance tax payable by him during a financial year or where the advance tax paid by him is less than ninety per cent of the tax assessed under section 115WE or section 115WF or section 115WG, the assessee shall be liable to pay simple interest at the rate of one per cent per month, for every month or part of a month comprised in the period from the 1st day of April next following such financial year to the date of assessment of tax under section 115WE or section 115WF or section 115WG]. _______________________________ 1. Substituted by the Finance Act, 2007, with effect from 1st June, 2007. Prior to substitution, sub-section (2) stood as under : (2) The amount of advance tax payable by an assessee in the financial year shall be thirty per cent of the value of the fringe benefits referred to in section 115WC, paid or payable in each quarter and shall be payable on or before the 15th day of the month following such quarter: Provided that the advance tax payable for the quarter ending on the 31st day of March of the financial year shall be payable on or before the 15th day of March of the said financial year. 2. Sub-sections (3), (4) and (5) substituted for.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 115WA
Title: Charge of Fringe Benefit Tax
State: Central
Year: 1961
(1) In addition to the income-tax charged under this Act, there shall be charged for every assessment year commencing on or after the 1st day of April, 2006, additional income-tax (in this Act referred to as fringe benefit tax) in respect of the fringe benefits provided or deemed to have been provided by an employer to his employees during the previous year at the rate of thirty per cent on the value of such fringe benefits. (2) Notwithstanding that no income-tax is payable by an employer on his total income computed in accordance with the provisions of this Act, the tax on fringe benefits shall be payable by such employer.
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 115WD
Title: Return of Fringe Benefits
State: Central
Year: 1961
.....year. (2) In the case of any employer who, in the opinion of the Assessing Officer, is responsible for paying fringe benefit tax under this Act and who has not furnished a return under sub-section (1), the Assessing Officer may, after the due date, issue a notice to him and serve the same upon him, requiring him to furnish within thirty days from the date of service of the notice, the return in the prescribed1 form and verified in the prescribed manner1 and setting forth such other particulars as may be prescribed1. (3) Any employer responsible for paying fringe benefit tax who has not furnished a return within the time allowed under sub-section (1) or within the time allowed under a notice issued under sub-section (2), may furnish the return for any previous year, at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. (4) If any employer, having furnished a return under sub-section (1), or in pursuance of a notice issued under sub-section (2), discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the expiry of one year.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 115WKA
Title: Recovery of Fringe Benefit Tax by the Employer from the Employee
State: Central
Year: 1961
1[Notwithstanding anything contained in any agreement or scheme under which any specified security or sweat equity shares referred to in clause (d) of subsection (1) of section 115WB has been allotted or transferred, directly or indirectly, by the employer on or after the 1st day of April, 2007, it shall be lawful for the employer to vary the agreeement or scheme under which such specified security or sweat equity shares has been allotted or transferred so as to recover from the employee the fringe benefit tax to the extent to which such employer is liable to pay the fringe benefit tax in relation to the value of fringe benefits provided to the employee and determined under clause (ba) of sub-section (1) of section 115WC.] ______________________________ 1. Inserted by the Finance Act, 2007, with effect from 1st April, 2007.
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 115WB
Title: Fringe Benefits
State: Central
Year: 1961
.....of trade but does not include - (i) any expenditure on, or payment for, food or beverages provided by the employer to his employees in office or factory; (ii) any expenditure on or payment through paid vouchers which are not transferable and usable only at eating joints or outlets; 5[(iii) any expenditure on or payment through non-transferable pre-paid electronic meal card usable only at eating joints or outlets and which fulfils such other conditions as may be prescribed;] (C) conference (other than fee for participation by the employees in any conference). Explanation : For the purposes of this clause, any expenditure on conveyance, tour and travel (including foreign travel), on hotel, or boarding and lodging in connection with any conference shall be deemed to be expenditure incurred for the purposes of conference; (D) sales promotion including publicity: Provided that any expenditure on advertisement, (i) being the expenditure (including rental) on advertisement of any form in any print (including journals, catalogues or price lists) or electronic media or transport system; (ii) being the expenditure on the holding of, or the participation in, any press.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 115WH
Title: Issue of Notice Where Fringe Benefits Have Escaped Assessment
State: Central
Year: 1961
.....sub-section (1) shall be issued for the relevant assessment year after the expiry of six years from the end of the relevant assessment year. Explanation : In determining fringe benefits chargeable to tax which have escaped assessment for the purposes of this sub-section, the provisions of the Explanation to section 115WG shall apply as they apply for the purposes of that section. (4) In a case where an assessment under sub-section (3) of section 115WE or section 115WG has been made for the relevant assessment year, no notice shall be issued under sub-section (1) by an Assessing Officer, after the expiry of four years from the end of the relevant assessment year, unless the Chief Commissioner or Commissioner is satisfied, on the reasons recorded by the Assessing Officer, that it is a fit case for the issue of such notice. ____________________________ 1. See rule 12.
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 115WK
Title: Interest for Default in Furnishing Return of Fringe Benefits
State: Central
Year: 1961
(1) Where the return of fringe benefits for any assessment year under subsection (1) or sub-section (3) of section 115WD or in response to a notice under sub-section (2) of that section, is furnished after the due date, or is not furnished, the employer shall be liable to pay simple interest at the rate of one per cent for every month or part of a month comprised in the period commencing on the date immediately following the due date, and,- (a) where the return is furnished after the due date, ending on the date of furnishing of the return; or (b) where no return has been furnished, ending on the date of completion of the assessment under section 115WF, on the amount of the tax on the value of fringe benefits as determined under sub-section (1) of section 115WE or regular assessment as reduced by the advance tax paid under section 115WJ. Explanation 1 : In this section, due date means the date specified in the Explanation to sub-section (1) of section 115WD as applicable in the case of the employer. Explanation 2 : Where, in relation to an assessment year, an assessment is made for the first time under section 115WG, the assessment so made shall be regarded as a regular.....
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