No interest if first installment of Advance FBT paid by 15 August 2005
The Central Board of Direct Taxes (CBDT) has issued instructions that no interest will be levied if the first instalment of Advance Fringe Benefit Tax (FBT), for the quarter ended 30 June 2005 which was due by 15 July 2005 is paid by 15 August 2005.
There are no provisions in the Income-tax Act, for levy of penalty for delayed payment of FBT.
F. No. Dated : July, 18, 2005