Treatment of FBT paid for Q1FY10

 FBT HAS BEEN ABOLISHED THROUGH THE FINANCE BILL,2009.

FBT paid should be shown as like FBT paid. The refund procedure has not been provided but most probably it will have to be claimed as refund while filing the income tax return.

Surcharge on TDS removed w. e. f. 01.10.2009

Finance Bill 2009 is ow Finance Act (No. 2), 2009

 SURCHARGE HAS BEEN REMOVED ON TDS FROM 01-10-2009

THANKS.

BUT THE THING WHICH IS IMPORTANT IS TO RESOLVE THE QUERIES NOT TO GO ON LITERAL WORDS.

STILL I APOLOGISE.

There is no notification issued regarding this till now, but in the finance bill, it was discussed that FBT paid for Q! shall be treated as advance tax for the assessee and if the assessee is not liable to pay advance tax, refund can be claimed...

As for surcharge and cess, they are applicable from the date the new rates come into force, i.e, 1st October 2009.  

Hope this answers your query,

Regards

Madhumita

See if something was discussed in the finance bill cannot be treated as final till the time it comes out in black and white. There is still no clarification on the same but a clarification is likely to come soon.

Yes, thats what I said...... My first words were.......... "There is no notification"

Treatment of FBT already paid to be treated as Advance Tax, is something that was recommended by ICAI & was not stated in the finance bill. Also, how can the surcharge be abolished only for part of a year (from 01/10/09 in this case) ?

Treatment of FBT already paid to be treated as Advance Tax, is something that was recommended by ICAI & was not stated in the finance bill. Also, how can the surcharge be abolished only for part of a year (from 01/10/09 in this case) ?

Hallo dost... in my opinion the treatment of FBT deposited should be like thet it ust be treated as a part of advance tax or it must be refunded with interest as soon as possible by the income tax department..

hallo dost... in my opinion it must be refunded along with interest as soon as possible by the income tax department.. or it must be considered as advance tax as suggested by ICAI..

Pratik,

Surcharge is abolished only from TDS for part of the year (1/10/09).

nothing wrong, as it would not effect the TDS returns on the part of the deductor.

On the part of the Dedcutee also, the TDS when claimed is not segragated into Tax, Surcharge and Cess.

The entire amount is claimed on the total tax, so in my opinion, there will not be any problem as such if it is abolished from October 1st...

Please do clarify if I am wrong.

Regards

Madhumita