Hello, in last financial year we have paid excess FBT, I want to know what treatment should be given for excess paid FBT? Whether it is treat as Expense or Other Asset? Thank you
Jaideep
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Treatment for Excess FBT paid?
Replies (3)
Since amount of FBT paid in excess is refundable in nature, you may show it in your books as recoverable deposit with revenue authorities, and claim refund of the same in annual Income-tax & FBT return.
Thank You
Fbt paid in excess is refundable.So while filing the fbt return u can show it as refundable amount & hence can be claimed back from the tax deptt
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