Dear Friends,
Whether advance tax paid on FBT will be adjusted against the tax payable under the Income Tax Act ? Is there any circular or clarification from the Department...
madhusudan (Professional) (267 Points)
20 October 2007Dear Friends,
Whether advance tax paid on FBT will be adjusted against the tax payable under the Income Tax Act ? Is there any circular or clarification from the Department...
CA.Saibaburao Nanduri
(Chartered Accountant)
(3847 Points)
Replied 20 October 2007
Miss Komal Mantri
(Chartered Accountant )
(1974 Points)
Replied 20 October 2007
Ankit Dangayach
(Chartered Accountant)
(691 Points)
Replied 20 October 2007
Suresh Goel
(servuce)
(335 Points)
Replied 20 October 2007
CA O.P. SINGH
(O P Singh & Co.)
(426 Points)
Replied 21 October 2007
MANISH AGGARWAL
(C.A.)
(27 Points)
Replied 17 February 2010
Yes, now we can adjust Advance FBT against income tax payable
Chetan
(Study)
(106 Points)
Replied 18 February 2010
Advance tax paid for FBT will be adjusted against Tax payable For the A. Y. 2010-11 the same has been clarified by the department.
Ameet
(L)
(1678 Points)
Replied 18 February 2010
This is to inform you that those of you who have paid the first installment of Fringe Benefit Tax for A.Y. 2010-11 can treat the same as advance tax for A.Y. 2010-11 as per the Press Release issued by CBDT . The text of the Press Release is as under:
No.402/92/2006-MC (07 of 2010)
Government of India / Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
***
New Delhi dated 29th January 2010
PRESS RELEASE
The Central Board of Direct Taxes have decided that any installment of advance tax paid in respect of fringe benefits for assessment year (AY) 2010-11 shall be treated as advance income tax paid by assessee for AY 2010-11. The assessee can adjust such sum against its advance tax obligation in respect of income for Financial Year (FY) 2009-10. The unadjusted amount, if any, may be claimed as refund in the return of income for AY 2010-11 to be filed later this year.
2. Fringe Benefit Tax was introduced by the Finance Act 2005 on the value of certain fringe benefits as contained in Chapter XII H (Sections 115 W to 115 WL) of Income Tax Act, 1961. The Finance Act 2009 abolished FBT with effect from AY 2010-11. However, during the current FY some assessees have paid “advance tax in respect of fringe benefits” for Assessment Year 2010-11. The Circular enables adjustment of such tax or its refund.
CA Saurabh Shukla
(Accounts Executive)
(223 Points)
Replied 18 February 2010
Yes, u can claim fist installment of FBT aginst Income Tax as per circular of GOI.
This is becasue FBT from Finance Act 09 has been withdrawn by Govt.
CAclubindia
