Section 115WK of ITA, 1961 : Section 115Wk: Interest For Default In Furnishing Return Of Fringe Benefits
ITA, 1961
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Explanation using Example
Imagine a company, "Tech Innovations," which provides various fringe benefits to its employees, such as company cars, subsidized loans, and free meals. According to the Income-tax Act, 1961, the employer must file a return of fringe benefits tax (FBT) by a due date specified in the Act.
For the assessment year 2023-24, the due date to file the FBT return is July 31, 2023. However, Tech Innovations, due to some internal delays, fails to file ...
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