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FBT

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(Querist)
22 July 2009 WHAT ABOUT THE FBT PAID FOR THE FIRST QUARTER BY THE COMPANY? WILL IT BE ADJUSTED IN SOMEWAY WITH INCOME TAX OR BE REFUNDED ?
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Prakash Jasani

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Prakash Jasani (Expert)
22 July 2009 no it will not adjusted against income tax. u apply for a refund.
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Randeep Singh

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Randeep Singh (Expert)
22 July 2009 Sorry Mr. Prakash,
It has been decided that it w'ld be adjusted against I.Tax & only for companies in losses it w'ld be refunded.
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CA.Tarun Maheshwari

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CA.Tarun Maheshwari (Expert)
22 July 2009 Yes. I do agree with Mr.Randeep Singh. Advance FBT paid shall be treated as Advance Income Tax Paid.

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