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Quarterwise detail in FBT

Sunali (Learner) (1317 Points)

24 September 2008

Hey Guys...

Just wanna knw,

Why quarterwise detail is required to be furnished in income tax return when Gross is used for calculation purpose..!!!!!

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4 Replies

madhur gupta (student/article ) (1022 Points)
Replied 24 September 2008

no need to fill quarter wise detail of f.b.t now

u just enter data in last quarter n software will automatically calculate full computation with interst

this year rule has been changed

now it is similar to income tax rule,just enter data in last quarter

no need of quarter wise data

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Sujit Talukder (service) (719 Points)
Replied 25 September 2008

In my opinion, this has been made only in thr ITR to keep the format exactly same as per last year. In case the same is remoevd from the software, the IT professionals has to waork hard to change the system :

1. In the ITR

2. In the code to generate xml file

3. In the code wehich read the xml file and from where the IT authorities view the data.

4. Validation on uploading

and perhaps many more.

Sanjay (Profession) (117 Points)
Replied 25 September 2008

Quarterwise details for FBT is to be filled in the ITR format in order to enable the department to ensure whether there is any 234C interest implication on the quarterly instalments paid by the assessee. Wherever there is a shortfall as against the stipulated % department will levy interest on such shortfall.