fbt removal

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vipin (Querist)
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10 July 2009 please tell me what about the FBT which we have paid in advance in F.Y. 2009-10.
I would appreciate the views of any FCA

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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10 July 2009 As per Sec 2(1) of the Finance(No2) Bill 2009 sec 48 of the bill relating to scrapping of FBT shall come into force with effect from 01/4/2009 and it is provided in Sec 48 that the Chapter relating to FBT shall not apply w.e.f assessment year 2010-11. Hence if you have paid FBT in advance the same should be refunded.

taxindiaconnect

taxindiaconnect (Expert)
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10 July 2009 The question arises that how the refund be granted. Will department hold the amount paid till the filing of ROI for 2010-11 and the refund be granted after processing the ROI. The representations are being made to CBDT that why should one wait for refund of this amount after filing of Income tax return for Ay 2010-11, Instead the amount of FBT paid in advance should be adjsuted in september installment agaisnt advance tax for curret tax. Let us wait, there should be a carlification from CBDT on this soon

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