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
Replied 21 June 2008
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.
Replied 23 June 2008
(Student CA Final )
Replied 12 August 2008