The Finance (No. 2) Act, 2009 was produced and passed by the houses of Parliament in mid of the year 2009-10. In the Finance Bill a new section Section 115WM was inserted in the Income Tax Act, 1961 to abolish the FBT with effect from Assessment Year (A.Y.) 2010-11. Till that date many of the assessee had paid advance tax in respect of value of fringe benefits provided by employer to its employees. Hence, CBDT vide its Circular No. 2/2010, dated 29-1-2010 has decided that any assessee who has paid advance tax in respect of fringe benefits for A.Y. 2010-11 shall be treated as Advance Tax paid by assessee concerned for A.Y. 2010-11. The assessee can adjust such sum against its advance tax obligation in respect of income for A.Y. 2010-11 or in case of loss to claim such payment as refund as advance tax paid in A.Y. 2010-11.
Adjustment of advance tax in respect of fringe benefits for assessment year 2010-11 against advance tax
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August 9, 2012 at 12:26 am |
I am working in an MNC and am a salaried employee. Last year (2011) I received some fund from our company which they say was invested in shares I was not aware if this was taxable. I checked with some of my friends who gave me some faint idea about advance tax and they said that I need to pay advance tax for this fund. However, unfortunately I received this information very late and I did some research in Internet where I found that the advance tax had to be paid in 3 installments over different period but all these I came to know in July end, luckily the dates are extended till 31st Aug 2012.
Because of lack of knowledge on this aspect I have not yet paid the advance tax. I have calculated the tax amount and the penalty to be paid and sincerely try to pay the tax with penalty on 8th August 2012. I chose the online tax payment option and selected challan 280. I selected Assessment year 2012-2013 (0021) other than companies and Advance Tax (100) I have also filled in all details but when I click submit, it says “The assessment year has to be greater than Financial year”
I want to pay the advance tax with penalty and file my returns. I humbly request you to please guide me in paying the tax and file my returns.
August 9, 2012 at 12:56 pm |
Now only self assessment tax can be deposited for F.Y. 2011-12. Kindly select the Self assessment tax option and pay the tax