Income Tax Act, 2025
Section 2: Subs. by s. 4, ibid., for “Commissioner” (w.e.f. 12013).
2. Subs. by s. 4, ibid., for “Commissioner” (w.e.f. 12013).
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115WJ. Advance tax in respect of fringe benefits.—(1) Every assessee who is liable to pay
advance tax under section 115WI, shall on his own accord, pay advance tax on his current fringe benefits
calculated in the manner laid down in sub-section (2).
1[(2) Advance tax on the current fringe benefits shall be payable by—
(a) all the companies, who are liable to pay the same in four instalments during each financial
year and the due date of each instalment and the amount of such instalment shall be as specified in
Table I below:
TABLE I
Due date of instalment Amount payable
On or before the 15th June Not less than fifteen per cent of such advance tax.
On or before the 15th Not less than forty-five per cent of such advance tax
September as reduced by the amount, if any, paid in the
earlier instalment.
On or before the 15th Not less than seventy-five per cent of such advance
December tax as reduced by the amount or amounts, if any,
paid in the earlier instalment or instalments.
On or before the 15th March The whole amount of such advance tax as reduced by
the amount or amounts, if any, paid in the earlier
instalment or instalments;
(b) all the assessees (other than companies), who are liable to pay the same in three instalments
during each financial year and the due date of each instalment and the amount of such instalment
shall be as specified in Table II below:
TABLE II
Due date of instalment Amount payable
On or before the 15th September Not less than thirty per cent of such advance
tax.
On or before the 15th December Not less than sixty per cent of such advance
tax as reduced by the amount, if any, paid
in the earlier instalment.
On or before the 15th March The whole amount of such advance tax as
reduced by the amount or amounts, if any,
paid in the earlier instalment or
instalments.
(3) Where an assessee, being a company, has failed to pay the advance tax payable by him on or
before the due date for any instalment or where the advance tax paid by him is less than the amount
payable by the due date, he shall be liable to pay simple interest calculated at the rate of—
(i) one per cent per month, for three months on an amount by which the advance tax paid on or
before the 15th June of the financial year falls short of fifteen per cent of the advance tax payable;
(ii) one per cent per month, for three months on an amount by which the advance tax paid on or
before the 15th September of the financial year falls short of forty-five per cent of the advance tax
payable;
Every assessee who is liable to pay
advance tax under section 115WI, shall on his own accord, pay advance tax on his current fringe benefits
calculated in the manner laid down in sub-section
Advance tax on the current fringe benefits shall be payable by—
all the companies, who are liable to pay the same in four instalments during each financial
year and the due date of each instalment and the amount of such instalment shall be as specified in
Table I below:
TABLE I
Due date of instalment Amount payable
On or before the 15th June Not less than fifteen per cent of such advance tax.
On or before the 15th Not less than forty-five per cent of such advance tax
September as reduced by the amount, if any, paid in the
earlier instalment.
On or before the 15th Not less than seventy-five per cent of such advance
December tax as reduced by the amount or amounts, if any,
paid in the earlier instalment or instalments.
On or before the 15th March The whole amount of such advance tax as reduced by
the amount or amounts, if any, paid in the earlier
instalment or instalments;
all the assessees (other than companies), who are liable to pay the same in three instalments
during each financial year and the due date of each instalment and the amount of such instalment
shall be as specified in Table II below:
TABLE II
Due date of instalment Amount payable
On or before the 15th September Not less than thirty per cent of such advance
tax.
On or before the 15th December Not less than sixty per cent of such advance
tax as reduced by the amount, if any, paid
in the earlier instalment.
On or before the 15th March The whole amount of such advance tax as
reduced by the amount or amounts, if any,
paid in the earlier instalment or
instalments.
Where an assessee, being a company, has failed to pay the advance tax payable by him on or
before the due date for any instalment or where the advance tax paid by him is less than the amount
payable by the due date, he shall be liable to pay simple interest calculated at the rate of—
one per cent per month, for three months on an amount by which the advance tax paid on or
before the 15th June of the financial year falls short of fifteen per cent of the advance tax payable;
one per cent per month, for three months on an amount by which the advance tax paid on or
before the 15th September of the financial year falls short of forty-five per cent of the advance tax
payable;