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Our Bureau

New Delhi , Oct. 3

The Revenue Secretary, Mr K.M. Chandrasekhar, on Tuesday released a guidance note on audit of fringe benefits under the income-tax law. The Institute of Chartered Accountants of India (ICAI) has prepared this guidance note, which could be used by both its members and taxpayers.

Later, Mr Chandrasekhar said that direct tax collections of the Centre during the current fiscal have been robust. Direct tax collections up to September stood at Rs 81,000 crore, which was about 39 per cent of the budget estimate of about Rs 2,10,000 crore. The Centre expects to collect Rs 4,000-5,000 crore as fringe benefits tax during the current fiscal.

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