Excess amount of FBT Paid

This query is : Resolved 

19 June 2008 Sir, In last FY we had paid the excess FBT pls tell the treatment for that in books. Whether that amount should be posted at Expenses account.

19 June 2008 it shown be as assets

20 June 2008 Can it be written down?


24 June 2008 If Excess paid FBT is refundable you may show as an Asset but in case its non refundable you have to write off the same. The exp. will be disallowed by IT Dept.

Regards,
Chintan



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