FBT ON ESTIMATED INCOME

1.    A  partnership firm has to get audited. As per sub section 2 of Sec 44AD, 44AE, 44AF all expenses are deemed to have given effect while estimating income. But FBT is applicable in Partnership. We have to file the FBT return in Dept. Therefore we have maintain the records in this case.

2.    We can't adjust TDS with FBT in Income tax return. both are different things. TDS is levied on Income tax and FBT is levied on expenses.

Bur sir if we don't maintain books of account how we will know exact expenses for FBT calaculation.