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FBT on Medical Reimbursement

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(Querist)
22 August 2008 Whether FBT paid on Medical Reimbursement which was actually taxable in the hands of employees can be adjusted against future tax liability or for that matter whether the same is possible in respect of other Exp. liable for FBT.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
23 August 2008 There is no need to pay FBT on medical reimbursement which is in excess of the exempted benefit, as it is taxable perquisite. Therefore if any FBT was paid by mistake it can be adjusted against the future FBT payable within the same financial year.
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CA.Tarun Maheshwari

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CA.Tarun Maheshwari (Expert)
23 August 2008 In case, it is not adjusted in the same financial year, you can claim refund also.
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