FBT is it adgustable against refund

This query is : Resolved

Ravindranath (Querist)
Follow

24 September 2008 Can FBT be adgusted against Tax refund

TNG , a Consultancy Company , has to pay FBT of Rs.10 lkhs for 2008-09 Fin Yr. and it has not paid any amount till date and all the amount is due. TNG’s IT liability is Rs.30 lkhs and has TDS certificates worth Rs.100 lkhs .

As TNG is having funds crunch , can it make part payment of say Rs.2 lkhs now and pay the balance Rs.8 lkhs along with interest, by way of adjustment against refund due of Rs.70 lkhs, at the time of assessement.

(a) Will the assessement officer accept the FBT due along with interest up to the date of payment . Does he have the power to levy penalty.

(b) Will the return be accepted without payment of FBT.

Can some one pl advice.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
Follow

24 September 2008 FBT payable and IT refund due can not be adjusted.

Ravikumar.G

Ravikumar.G (Expert)
Follow

24 September 2008 Both are treated as a Separate assessement.

Ravindranath

Ravindranath (Querist)
Follow

24 September 2008 Thanks and Best Wishes

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Shameem ahmed

T.N.Reddy

6380177036

Amit Bhatkar

sachingurav

Subscribe Now

FBT is it adgustable against refund

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Article Assistant

Accountant

CA Final

GST CONSULTANT

GST CONSULTANCY