FBT
This query is : Resolved
Yatin Narechania
(Querist)
22 July 2009
WHAT ABOUT THE FBT PAID FOR THE FIRST QUARTER BY THE COMPANY? WILL IT BE ADJUSTED IN SOMEWAY WITH INCOME TAX OR BE REFUNDED ?
Prakash Jasani
(Expert)
22 July 2009
no it will not adjusted against income tax. u apply for a refund.
Randeep Singh
(Expert)
22 July 2009
Sorry Mr. Prakash,
It has been decided that it w'ld be adjusted against I.Tax & only for companies in losses it w'ld be refunded.
It has been decided that it w'ld be adjusted against I.Tax & only for companies in losses it w'ld be refunded.
CA.Tarun Maheshwari
(Expert)
22 July 2009
Yes. I do agree with Mr.Randeep Singh. Advance FBT paid shall be treated as Advance Income Tax Paid.
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