any has sent me FBT dues for FY2008-2009

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Hello everybody,

My earlier company, which I resigned in March 2009, has sent me FBT for the financial year 2008-2009 in dec2009.

My company gave me stock options in NYSE, which I sold in March 2009. The trading company withheld 33% of the money (for FBT). Thus I filed my returns in july 2009 with 0 tax liabilty.

I left the company in match 2009.

Now my company has sent me FBT calculation sheet for 2008-2009, which says that I have to pay more FBT, which I have to pay to the company.

Please help me on this

(1) Is it legal and correct to send me the tax calculations now, after the date for tax returns for 2008-2009 has also gone?

(2) If I have to pay this money, can I show this money as capital loss? Can it be adjusted againt income?

(3) Can it be adjusted only against capital gains from shares etc?

(4) Can I show this as loss after the due date for taxes have gone? I have read that I cannot claim any returns/losses after the due date for taxes.

 

Thanks in advance

I really need help on this

 

 

 

Replies (1)

Hi Seema,

Replies to ur queries are as follows:-

1) Income Tax NO WHERE PROVIDES THAT AN EMPLOYER CAN RECOVER FBT FROM EMPLOYEE...It is a mutual agreement and Income Tax Department is NOT AT ALL CONCERNED WITH THIS...If you want to challenge this demand from ur previous employer the file a Civil Suit...

2) What you WILL PAY IN CASE U MAKES THE PAYMENT IS A "TAX UNDER INCOME TAX ACT" and my Friend UNDER NO CIRCUMSTANCES A PAYMENT UNDER INCOME TAX ACT IS ALLOWED AS DEDUCTION / LOSS IN COMPUTING THE INCOME..

3) IT CANNOT BE ADJUSTED AGAINST ANY OF THE HEADS OF INCOME..

4) NO RELEVANCE AT ALL..I THINK THIS QUESTION GETS ANSWERED AUTOMATICALLY..

IN SHORT IF U WILL PAY THEN IT WILL BE A DEAD EXPENDITURE..IF U WANT TO CHALLENGE IT THEN DO THAT IN CIVIL COURT..

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