accounting procedure for FBT
This query is : Resolved
29 June 2007
Hi,
i want to know about FBT.Whats are accounting procedure for this ?
i want to know about FBT.Whats are accounting procedure for this ?
30 June 2007
You can refer " Guidence Note on accounting of FBT" issued by ICAI. Accordingly as loon as "expenses" are incurred, liability of "Service Tax" arises even though th epayments are made latteron.
Provision shoul dbe made...amount to be calculated as per 115WC
Provision shoul dbe made...amount to be calculated as per 115WC
02 July 2007
Advance FBT paid should be shown under the heading "Loans & Advances". Provision should be made for FBT just like Provision for Income Tax. It should be shown in Income statement after Deferred Tax Asset/Liabilities.
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