set off excess payment of FBT against IT payable

                           No

KKG   "   Hi,
My firm has paid excess FBT of Rs. 15000/- in previous financial year and our income tax liabilty is Rs 60000?- in the same financial year.
Can this excess payment of FBT  be set off against Income tax payable by us?
Regards,
M.L.Sharma  

Some times it can be setoff, depends upon the assing officer wish."

It cannot be set off at all.

You can setoff the FBT  advance against Income tax liability

u cannot setoff FBT against   Income tax as they both are different  assessments

no, u can't st -off.

No,it can not be set off

u cannot set off but u can claim refund  of excess fbt paid.

No both are different taxes and set off of taxes is never done in IT.

What is FBT Receivable which has been shown in Current Assets

Dear Friends

FRINGE BENEFIT TAX  is covered under Chapter XII-H of Income-tax Act, 1961.

Section 245 of Income-tax Act, 1961 empowers an Assessing Officer to set off the amount to be refunded  under any provisions of Income-tax Act against the sum if any remaining payable under this Act after giving intimation in writing to the assessee.

Though there is no provision in the act that the assessee can make an application to set off the refund due to him againt any demand due from him, the Assessing Officers are entertaining such applications moved by the assessees.

In view of the above an application can be moved before the Assessing Officer requesting him to set off refund due under FBT against the income-tax payable as the section 245 speaks of any refund and any tax under the provisions of Income-tax Act, 1961.

Best Wishes

Sathikonda