Can FBT advance paid in June 09 be adjusted against liability of FBT for FY 08-09 ?
Can FBT advance paid in June 09 be adjusted against liability of FBT for FY 08-09 ?
| Originally posted by :r h ringe | ||
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FBT has been abolished w.e.f April 1, 2009 by Finance Act 2009. CBDT is expected to come out with a circular to decide the mechanism through which the Adv FBT paid in first quarter of 2009 could be claimed back by the Companies. Hopefully it would be done by way of allowing Companies to adjust the same against their Corporate Advance Tax Liabilities for FY 2009-10.
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U R nt correct, FBT will be abolished from the assessment year 2010-11 i.e. w.e.f. 01.04.2010.
| Originally posted by :Ratan Deep Saxena | ||
| You are right FBT is abolished from AY 2010-10 i.e FY 2009-10. You are right but that means the same is abolished w.e.f. 1st April 2009. | ||
hey... what ever u hv paid as FBT for F.Y. 09-10 as advance FBT 4 d 1st quarter... will b treated as advance Income Tax 4 F.Y. 09-10...
Dear megha
As per ur quotation, paid fbt for 1st quarter will be treated as advance income tax for current year, may i know exact provision or circulor issue by departments.
I think rajkamal is right.
FBT has been abolished w. e. f. 01.04.2009. However there has not been any clarification from the department against what will be the status of the advance tax paid. You can certainly not adjust it against your tax liability for F. Y. 2008 - 09.
Mostly u will have to claim refund in the final return of income.
is any clarification is issued in this regard
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