FBT on Medical Reimbursement
This query is : Resolved
Shiv om Jindal
(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.
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.
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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