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excess FBT paid

santosh (article) (77 Points)

02 August 2007

hi friends ,

i have got a setuation where the party has paid excess FBT . can any one please guide me wat can be done next . in the sence can we claim for refund or can this amoubt be setoff against the income tax yet to be paid?

please reply with appropriate sec, circular reference if any.

looking forward for a reply.

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2 Replies

Jegannath G (Self) (13 Points)
Replied 02 August 2007

You cannot adjust the excess FBT against the Income tax payable. You have to get it refund through the ITR forms

Late CA Sampat Jain (Chartered Accountant) (4772 Points)
Replied 02 August 2007

Since FBT assessments are separate ........the payment and refunds are also separate. Assessment.

Please note the following provision of IT ACT:

Sec 115WE. (1) Where a return has been made under section 115WD,—

(i) if any tax or interest is found due on the basis of such return, after adjustment of any advance tax paid, any tax paid on self-assessment and any amount paid otherwise by way of tax or interest, then, without prejudice to the provisions of sub-section (2), an intimation shall be sent to the assessee specifying the sum so payable, and such intimation shall be deemed to be a notice of demand issued under section 156 and all the provisions of this Act shall apply accordingly; and

(ii) if any refund is due on the basis of such return, it shall be granted to the assessee and an intimation to this effect shall be sent to the assessee: