F.B.T

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This query is : Resolved

Sankar Chakraborty (Querist)

20 August 2009 Knowing from CA CLUB that F.B.T will not be applicable from F.Y. 01.04.09 then please let me know what should we do as we have already paid the 1st installment of F.B.T within 15th june 2009 ?

Budget 2009 is announced after the said date so how Govt. can take this type of deceission ?

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)

20 August 2009 You will get refund or rather you can adjust it with your future liability :)

C.A Rohit Gambhir

C.A Rohit Gambhir (Expert)

20 August 2009 You should have made provision for Ist quarter in books as the budget is yet to be enacted. However later you can reverse this provision and get refund for the advance tax paid for the Ist Installment.

Taranjit Singh

Taranjit Singh (Expert)

20 August 2009 Advance FBT paid should be treated as advance incometax
paid, so that the same can be adjusted against incometax
liability in order to avoid the procedural hassles and
time involved in claiming refund. Further in case there is
no advance tax payable either on account of loss or exempt
income appropriate circular be issued to grant refund.

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