Fringe Benefit Tax
This query is : Resolved
Sehar Shivani
(Querist)
22 July 2008
A company's total FBT Payable after surcharge & Cess is say rs 10,00,000.
The payments made in each quarter are:
15-06-2007 135,000
15-09-2007 395,000
15-12-2007 300,000
15-03-2008 200,000
As per the above example, the payment made in the first quarter is less than 150,000..... But in the following quarters excess payment has been made....... What will be the treatment of interest in the first quarter.....??? What entry needs to be passed in the books??????
The payments made in each quarter are:
15-06-2007 135,000
15-09-2007 395,000
15-12-2007 300,000
15-03-2008 200,000
As per the above example, the payment made in the first quarter is less than 150,000..... But in the following quarters excess payment has been made....... What will be the treatment of interest in the first quarter.....??? What entry needs to be passed in the books??????
22 July 2008
Interest shall be payable u/s 115WJ(3) @ 1% for the months of default and the same may be booked under the head of Interest on FBT which is disallowable u/s 40.
Sehar Shivani
(Querist)
22 July 2008
Entry for booking this interest would be????
22 July 2008
Interest on FBT Dr
Advance FBT Dr
To Bank/Cash
Advance FBT Dr
To Bank/Cash
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