Fringe Benefit tax and Advance tax
This query is : Resolved
CA Mahesh Vekariya
(Querist)
27 May 2010
Hi all Dear,
Rightnow I am doing the audit of one company, in the account of the co. ,they have created provison for FBT on A.Y.2009-10 and they have not paid the amount of FBT till today. So in this year i.e. A.Y. 2010-11 , co.has paid advance tax , son can I adjust FBT payable against Advanc tax paid?
Rightnow I am doing the audit of one company, in the account of the co. ,they have created provison for FBT on A.Y.2009-10 and they have not paid the amount of FBT till today. So in this year i.e. A.Y. 2010-11 , co.has paid advance tax , son can I adjust FBT payable against Advanc tax paid?
27 May 2010
NO.
27 May 2010
YOU WILL HAVE TO PAY FBT IN ITNS 283 FOR THE AY 2009-10 ALONG WITH INTEREST.
CA Mahesh Vekariya
(Querist)
27 May 2010
Thank you sir
27 May 2010
WELCOME DEAR.
CA Mahesh Vekariya
(Querist)
27 May 2010
I want to ask one more thing that ,Co.created provision for FBT in the year 2008-09 is of Rs.577190and paid Rs. 574077.So,Rs.3113 is payable and in the year 2009-10 FBT provision is of Rs. 557928 and FBT paid Rs. 549102, So, Rs. 8826 Payable. so in Current year Rs.11939(i.e.Rs.3113 and Rs. 8826) , and in current year FBT advance paid Rs. 87072 and i want to st off payable Rs. 11939 against Rs. 87072,whether i have to pay interest on Rs. 11939 or not? or i can set off without interest?
27 May 2010
SORRY..IN CURRENT YEAR FBT IS NOT APPLICABLE THEN HOW DID YOU PAY ADVANCE FBT IN CURRENT YEAR........?
CA Mahesh Vekariya
(Querist)
27 May 2010
By default co. had paid FBT in advance
27 May 2010
IN MY VIEW IT WOULD BE BEST IF YOU CONTACT YOUR ITO.
27 May 2010
FBT IS ABOLOSIHED AFTER PASSING OF 1ST QUARTER OF FY 2009-10. ALL COMPANIES HAVE DEPOSITED FIRST INSTALMENT OF FBT FY 2009-10. AFTER ABOLOSIHMENT OF FBT , A NOTIFICATION ISSUED BY IT DEPTT THAT FBT PAID FOR FY 2009-10 WILL BE TREATED AS ADVANCE TAX FOR FY 2009-10.
HENCE IF COMPANY HAS PAID FOR ADVANCE FBT THEN TREAT IT AS ADVANCE TAX FOR THAT YEAR.
IF ANY AMOUNT PAYABLE FOR FBT OF LAST YEARS, THEN PAY IT.
HENCE IF COMPANY HAS PAID FOR ADVANCE FBT THEN TREAT IT AS ADVANCE TAX FOR THAT YEAR.
IF ANY AMOUNT PAYABLE FOR FBT OF LAST YEARS, THEN PAY IT.
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