Is advance payment of FBT necessory to the 15% of advance tax of FBT, if some company pays 100% of Ist Quarter liability (i.e FBT as per the actual expenses incurred for First three months) what would be the implications, if this FBT comes less than 15% later on.
Hi Sarvjeet
Please be clear as to what you mean.
Normally what everyone does is they calculate the total value of expenses liable to FBT till date to pay the relevant advance tax liability
Hi Sarvjeet,
As per the provisions of the act it is quite clear that advance FBT to be paid after considering your annual projected liability, so if u pay the advance FBT based on ur actual expenditure of a particular quarter and later on there is a huge expenditure which attracts the FBT Provisions then u have to pay the Interest if u fail to maintain the minimum %age of Advance FBT payment of ur total FBT Liability.
The Provision for Advance Payment of FBT is same that what we follow for the Advance Income tax. (Refered Section 208, 234A,234B,234C of IT Act to have a brief Idea, as the FBT Provisions are in line with this sections).
Please help to log on the FBT e payment
CAclubindia
