FBT is it adgustable against refund
This query is : Resolved
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.
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.
24 September 2008
FBT payable and IT refund due can not be adjusted.
24 September 2008
Both are treated as a Separate assessement.
24 September 2008
Thanks and Best Wishes
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