FBT
This query is : Resolved
04 August 2009
if advance FBT paid during the year exceeds the FBT liability for the year, is it necessary to make provision for FBT in books on 31.03.2009?
if not what is accounting treatment to be given during finalisation?
for A. Y. 2010-2011, FBT is abolished, but if advance FBT is paid will company eligible for refund?
if not what is accounting treatment to be given during finalisation?
for A. Y. 2010-2011, FBT is abolished, but if advance FBT is paid will company eligible for refund?
C.A Rohit Gambhir
(Expert)
04 August 2009
No, If Advance Tax paid during the year exceeds FBT Liability, The excess will sit in FBt Advance Tax in Loans & Advances as an asset and This excess needs to be claimed as refund for that particular year.
For AY 2010-11 However FBT is abolished, still FBT provision needs to be made for first quarter since the budget proposal yet to be passed. However later this provision will be reversed later and the advance tax paid will be eligible for refund.
For AY 2010-11 However FBT is abolished, still FBT provision needs to be made for first quarter since the budget proposal yet to be passed. However later this provision will be reversed later and the advance tax paid will be eligible for refund.
04 August 2009
In accounts, you have to make provision for fbt which is shown in liablity side and Advance FBT will be shown in loan & advances side. At the time of assessment , these will be set off, net of it will be refunable to you.
Advance fbt deposited for AY 2010 -11 will be refunded otherwise, it will be treated as advance income tax.
Advance fbt deposited for AY 2010 -11 will be refunded otherwise, it will be treated as advance income tax.
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