Excess Advance FBT

This query is : Resolved

RAKESH (Querist)
Follow

11 May 2009 Hi

if fbt is paid in excess in advance, can it be adjusted against the corporate Tax or in the next F.Y.?
Please quick reply.

Thanks.

Best regards,

Rakesh

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
Follow

11 May 2009 Generally, excess advance tax is refunded to the assessee. If the refund is not received and assessee wants to adjust it in net year, then he needs to write an application to the AO in this behalf.

taxindiaconnect

taxindiaconnect (Expert)
Follow

11 May 2009 The adjsutment is made only after giving the refund. So please claim a refund. That refund can be adjusted against outsanding demand of other years.

Upgrade to CAclubindia Pro. Subscribe Now!

RAKESH

RAKESH (Querist)
Follow

12 May 2009 Hi Rajesh and Tilak!

Thanks for reverting!

But one thing yet not clear to me that if we are filing the return as showing amount refundable or make a claim for refund then how we can adjust it against the next year tax liability.

can you please brief it?

Any others who can guide in detailed.......

Thanks.

Regards,

Rakesh

RAKESH

RAKESH (Querist)
Follow

19 May 2009 ...........