FBT UTILITY

       Now, a separate “FBT” utility has been provided and it assists you in the computation of tax on Fringe Benefits, generation of FBT statement and Form 3B.

 

Click on ‘FBT’ in menu bar or press F10 to go to ‘FBT Sheet’. Click on ‘<--  ‘or press F5 to return back to Saral tax.

For entering Fringe benefit details, you have two options viz., Industrywise and Consolidated.

 

 

 

·       Industrywise

Value of Fringe benefits varies depending upon the assessee’s nature of business. Under this option, value of Fringe Benefits can be calculated for each business separately.

 

 

o       Select number of business

o       Select nature of business

User can select the nature of assessee’s business and saral tax automatically enters the % at which value of fringe benefit is to be calculated.

o       Expense selection

Particular expenses can be selected from the list. To select expenses, we have to click ‘Click here to select expenses’ or press F4 to select expenses. Click on the square box for selecting particular expense and press enter.

 

 

 

 

 

 

 

 

 

·       Consolidated

              In this case, user can enter different expenses relating to various nature of business together without selecting the particular nature of business. Here different expenses are given relating to various nature of business with their respective % of calculation of fringe benefits.

 

• Expenses SW

To open sub table click on three doted button or press F11.

 

 

• FBT calculation

FBT will be calculated at the rate of 30% on value of FBT, which is calculated based on respective rate of various expenses.

• SC

SC is calculated based on the status of the assessee.

• Adv tax paid

Details of the payment of advance tax can entered in advance tax sub table.

• SA tax paid

Details of self-assessment paid can be entered in self-assessment sub table.

 

 

·       Interest calculation

• U\s 115WJ

If advance tax for each quarter is not paid within due dates, interest will be calculated at the rate of 1% per month on the outstanding balance.

• U\s 115Wk

Interest u/s 115wk will be calculated only if return is not filled within the due date. Interest will be calculated at a rate of 1% per month, on balance tax payable till it is paid.

• Due date selection

Due date of filing of Income Tax return is used for calculation of interest on FBT.

 

• Date change option

 In FBT table in tool menu “change due dates” option is provided. From this user can change the FBT advance tax due dates.

 

·       Saving

For saving files, Go to ‘File’ menu » “Save” or press ’ ctrl + s’.

Note: Income tax data and FBT data will be saved in a single file.

 

 

 

 

 

 

 

 

 

 

 

 

o       Form 3B

Form No.3B, return of Fringe Benefit Tax, has been declared by CBDT

1.    To enter the details of Form 3B – Go to ‘Forms’ menu » ‘Form 3B – Enter Details’

2.    To get filled Form 3B – Go to ‘Forms’ menu » ‘Form 3B’ or click on ‘show Form 3B’ in ‘form 3B- Enter Details’.

3.    The details of Form 3B entered will be carried to the next year automatically

 

 

 

o       Challan

 You can generate FBT (Fringe Benefit Tax) challans for

1.    Advance tax

2.    Self Assessment tax

                  To generate challans – Go to ‘Forms’ menu » ‘challans’