Dear Friends,
Whether advance tax paid on FBT will be adjusted against the tax payable under the Income Tax Act ? Is there any circular or clarification from the Department...
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FBT VS INCOME TAX
Replies (11)
Dear madhusudan !
Both are seperate. Adjustment not possible.
Both are seperate. Adjustment not possible.
Yes. That's right
No..
They cannot be adjusted.....
secondly there are different section for payment of Advance tax on FBT and IT...
Both the taxes are different and cannot be adjusted against each other
the advance tax under FBT cannot be adjusted against any tax payable under section 208 .
no, tax paid under FBT cannot be adjusted towards income tax liability
No its not possible
if u paid excess fbt it can be adjusted with future fbts but not with IT. IT is tax on income and fbt is tax on Fringe benefit they can not be adjusted
Yes, now we can adjust Advance FBT against income tax payable
Advance tax paid for FBT will be adjusted against Tax payable For the A. Y. 2010-11 the same has been clarified by the department.
YES U CAN ADJUST
This is to inform you that those of you who have paid the first installment of Fringe Benefit Tax for A.Y. 2010-11 can treat the same as advance tax for A.Y. 2010-11 as per the Press Release issued by CBDT . The text of the Press Release is as under:
No.402/92/2006-MC (07 of 2010)
Government of India / Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
***
New Delhi dated 29th January 2010
PRESS RELEASE
The Central Board of Direct Taxes have decided that any installment of advance tax paid in respect of fringe benefits for assessment year (AY) 2010-11 shall be treated as advance income tax paid by assessee for AY 2010-11. The assessee can adjust such sum against its advance tax obligation in respect of income for Financial Year (FY) 2009-10. The unadjusted amount, if any, may be claimed as refund in the return of income for AY 2010-11 to be filed later this year.
2. Fringe Benefit Tax was introduced by the Finance Act 2005 on the value of certain fringe benefits as contained in Chapter XII H (Sections 115 W to 115 WL) of Income Tax Act, 1961. The Finance Act 2009 abolished FBT with effect from AY 2010-11. However, during the current FY some assessees have paid “advance tax in respect of fringe benefits” for Assessment Year 2010-11. The Circular enables adjustment of such tax or its refund.
Yes, u can claim fist installment of FBT aginst Income Tax as per circular of GOI.
This is becasue FBT from Finance Act 09 has been withdrawn by Govt.
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