My company A has signed BTA (Business Transfer Agreement) with B on 2nd December, 2008. In BTA it is specified that the transfer will be effective from 1st April, 2008.
The income Tax on capital Gain on Slump Sale (from A to B) arrived is Rs. 88 Lacs. According to the Advance Tax provisions we have to pay 75% of the total tax payable up to 15th December, 2008.
We have paid Rs. 15 Lacs Advance Tax in the name of A on 15th September & we have also paid Rs. 24 Lacs FBT in the name of A.
Now should we pay the Advance Tax & FBT in the name of A or B?
Will we get credit of Advance Tax & FBT already paid?
CAclubindia
