Is FBT applicable for the AY 2010-11

Yes, FBT is abolished from A.Y-2010-11

Yes FBT,CTT  not applicable for PY 2009-10 (AY 2010-2011).

Should be  adjusted for income tax .This is a practical adjustment,though not stated in Law. Its just like IT  department adjusting FBT refund for Income tax payable

What about perquisites which were chargeable in the hands of emplyer by way of FBT? will it be chageable in the hands of employees now?

Those perks will surely be taxed in the hands of employee.

FBT is abolished and no other tax made on perquisites.

If my company pays me some amount as - Entertainment allowance i.e. they reimburse me the food bills of say 2000 p.m. which was earlier chared as FBT, now will it be taxable in my hand ?

Hi All,

I have paid adavance FBT for 1st Qtr of FY 09-10 of which due date was 15 June 09.

But now, FBT is abolished by Budget 2009, so please tell me what would be the treatment of the advance tax already paid?
Would that be eligible for Refund & if yes, how? is that by filling normal IT Return?

Is there any other adjustment possible to get the advance tax adjusted against NOrmal Income Tax Advance Payment for FY 09-10?

Yes if you paid FBT in advance then it will be adjusted against NOrmal Income Tax Advance Payment for FY 09-10. So be cool do not take tension now.

Yes if you paid FBT in advance then it will be adjusted against NOrmal Income Tax Advance Payment for FY 09-10. So be cool do not take tension now.

sagar u r right

With FBT being abolished, will the department given a refund of FBT paid for the 1st quarter