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?
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- ITDS U/S.194T of Firm
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- Non-Compliance documents have not been submitted by the contractors debited
- EXPORT COMMERCIAL INVOICE HSN CODE
- Bank details not Visible on Traces Portal
- TDS ON EMAIL DOMAIN SERVICE BILL
- Journal entry of busniess expenses
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
