FBT AY 10-11

yes,

and regarding there is a notification by IT dept. that u can set off

Originally posted by : AYUSH AGRAWAL
	yes, and regarding there is a notification by IT dept. that u can set off

Sir, Can u tell me that notification No. and other detils its very urgent PLS.

Section 115WM of the Income-tax Act, 1961 - Fringe Benefit Tax - Chapter XII-H not to apply after a certain date - Adjustment of ‘advance tax in respect of fringe benefits’ for assessment year 2010-11 against advance tax
Circular No. 2/2010, dated 29-1-2010

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The Finance Act, 2005 introduced a levy namely Fringe Benefit Tax (FBT) on the value of certain fringe benefits as contained in Chapter XII-H (sections 115W to 115WL) of Income-tax Act, 1961. By the Finance (No. 2) Act, 2009 a new section 115WM was inserted to abolish the FBT with effect from assessment year 2010-11. Consequently, benefits given to employees are taxed as perquisites in the hands of employees in terms of amendments to clause 2 of section 17 of Income-tax Act, 1961. However, during the current financial year 2009-10 some assessees have paid “advance tax in respect of fringe benefits” for assessment year 2010-11. In such cases the Board has decided that any instalment of “advance tax paid in respect of fringe benefits” for assessment year 2010-11 shall be treated as Advance Tax paid by assessee concerned for assessment year 2010-11. The assessee can adjust such sum against its advance tax obligation in respect of income for assessment year 2010-11 or in case of loss etc. claim such payment as refund as advance tax paid in assessment year 2010-11.

2. This circular may be brought to the notice of all officers in the field for compliance.

 

THANKS TO ALL. ITS MY FIRST QUESTION AND THE SAME WAS ANSWERED SUPERB. THANKS ONCE AGAIN.

Superb contribution by Mr. Ayush Aggarwal. I know the same but no information about notification that publish or not. No issue. Thanx Ayush

Good,

But, the IT department should give the refund to the person who occur loss or having no income to pay the advance taxes.

Even IT department not says about the interest to be paid as an additional benefit to the person who pays the FBT.