hi all
We have made a provision for FBT as on 31.03.2007 which amouns to Rs.2 Lacs. Does it have any impact on accounts as on 31.03.2008.
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Provision for FBT
Replies (4)
U have to reverse the provision when FBT (last year) is actually paid...
We have paid this amount in the month of June 07 itself. My question is should i show this provision in current year accounts as what we are doing in case of provision for Income Tax.?
If u have already paid then y do u make provision...provisions r made for future liability which cannot be quantified on 31 st march...
FBT For FY 2006-07 payable Rs.2L., if the FBT is 2L exactly then provision entry is right.,
Sometime at the time of subbmiting return we calculate the correct FBT., that FBT to be provide for provision for expenses
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