FBT due date extended to Aug 15

The government on Monday extended the date for payment of first instalment of the advance Fringe Benefit Tax by a month to August 15.

The extension follows representations to the Central Board of Direct Taxes that taxpayers were facing difficulty in payment of this new levy as they were not familiar with the practices and procedures, an official release said.

The original deadline for payment of the first instalment of FBT was July 15.

The release said due to the difficulty faced in its payment, it has been decided that interest shall not be charged on delayed payment of the first instalment of advance fringe benefit tax upto August 15, 2005.

The release also clarified that, in any case, penalty was not leviable for delayed payment of advance fringe benefit tax.

The government will soon come out with a circular explaining various provisions of FBT for the benefit of taxpayers.