With abolotion of FBT with retrospective (subject to the President's sign off) will the department refund the payments made by company for FBT in the 1st quarter of FY09-10
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FBT 1st Quarter Payment
Replies (4)
Mr.Sundaram, the CBDT has clarified that the advance tax (FBT) will be adjusted against the normal tax liability.
not refund actually
but adjusted in the income tax
1. What is the remedy if the company does not have a normal tax liability.
2. Do you have a copy or reference number of the CBDT clarification of adjusment
Hi,
If anyone knows, plz clarify regarding the 1st quarter payment whether we need to write to the department through a letter or through any other mode asking it to adjust the Q1 advance payment to normal tax liability or the Q1 FBT advance tax will be automatically adjusted.
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