Taxpayers may pay for I-T's delay

NEW DELHI: Taxhounds may once again spoil the sleep of a lot of people. This time it won’t be the bark or bite but their deafening silence on valuation norms for fair market value of Esop shares.
The Central Board of Direct Taxes (CBDT) is formulating the guidelines that would be used for calculating the fringe benefit tax (FBT) and short-term capital gains tax. But, in the absence of a clarification, taxpayers who exercised their option and later sold the shares will have to pay a penal interest (1% per month) on their liability.

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