Accounting Treatment for Fringe Benefit Tax
This query is : Resolved
Bhavesh C. vyas
(Querist)
12 July 2009
what is an accounting Treatment for Fringe Benefits Tax in Case of Company & Individual and how it effects the balance Sheet
12 July 2009
u need to traet it as Income tax i.e provision is required to be made.
Individuals are not required to pay fbt.
Individuals are not required to pay fbt.
V.G.Murdiya
(Expert)
13 July 2009
In the case of a company, the effect of fringe benefit tax is given after the computation of profit before tax. Profit before tax reduced by the current tax, fringe benefit tax and deferred tax will result in profit after tax. The FBT net of advance tax if any, is liable to be paid, should be shown under provisions in the balance sheet
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