FBT

This query is : Resolved

ANAND U PATANKAR (Querist)
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17 July 2009 Dear All,

It has been proclaimed in the Union Budget that FBT Has been abolished w.e.f. AY 2010-11 and the amendment is effective from 01.04.2010.
My Query is:
What treatment is to be given for the FBT Paid in Advance for the said Assessment Year.
Thanks in Advance,
Anand

taxindiaconnect

taxindiaconnect (Expert)
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17 July 2009 Idealy it should be adjusted against the advance tax payment for AY 2010-11 agsinat tax payble under noraml tax provision / MAT. If not so adjusted, it will be refunded to assessee after filing of ITR for 2010-2011.
If the the assessee is not paying any taxes under normal tax provisions the amount would be refunded afteer filing of Income tax return for 2010-2011.

taxindiaconnect

taxindiaconnect (Expert)
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17 July 2009 Ideally it should be adjusted against the advance tax payment for AY 2010-11 against t tax payable under normal tax provision / MAT. If not so adjusted, it will be refunded to assessee after filing of ITR for 2010-2011.
If the assessee is not paying any taxes under normal tax provisions the amount would be refunded after filing of Income tax return for 2010-2011.