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FBT to be adjust with ADvance I. Tax

Tax queries 539 views 6 replies

Is it true that govt/CBDT has allowed the advance paymnt of FBT can now be adjusted with Advance payment of I. Tax payable in month of March.

If is it true, can nyone provide me details of such order/notification

 

Thanks

Replies (6)

Yes, please provide notification if this is true............ but in my view.............. no notification yet...............

Dear Ankit, Love It is proposed, but till date I don;t think ny notification is issued.
CIRCULAR NO 2/2010, Dated: January 29, 2010 Sub: Adjustment of “Advance Tax in respect of Fringe Benefits” for Assessment Year 2010-11 against “Advance Tax” – matter regarding. 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 115 W to 115 WL) of Income Tax Act, 1961. By the Finance (No. 2) Act, 2009 a new Section 115 WM was inserted to abolish the FBT with effect from Assessment Year (A.Y.) 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 installment of “advance tax paid in respect of fringe benefits” for A.Y. 2010-11 shall be treated as Advance Tax paid by assessee concerned for A.Y. 2010-11. The assessee can adjust such sum against its advance tax obligation in respect of income for A.Y. 2010-11 or in case of loss etc claim such payment as refund as advance tax paid in A.Y. 2010-11. 2. This circular may be brought to the notice of all officers in the field for compliance. Hindi version to follow F. N0.385/05/2010-IT (B) (Ansuman Pattnaik) Director (Budget)

Mr. Amir, it is true......... i am attaching circular in this regard........... that's also available on www.incometaxindia.gov.in ............... 

Dear Love, Thanks Brother, I got 2 knw later on since it was issued on the same day on which he asked this query..

welcome....... bro.........


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