20 August 2009
Knowing from CA CLUB that F.B.T will not be applicable from F.Y. 01.04.09 then please let me know what should we do as we have already paid the 1st installment of F.B.T within 15th june 2009 ?
Budget 2009 is announced after the said date so how Govt. can take this type of deceission ?
20 August 2009
You should have made provision for Ist quarter in books as the budget is yet to be enacted. However later you can reverse this provision and get refund for the advance tax paid for the Ist Installment.
20 August 2009
Advance FBT paid should be treated as advance incometax paid, so that the same can be adjusted against incometax liability in order to avoid the procedural hassles and time involved in claiming refund. Further in case there is no advance tax payable either on account of loss or exempt income appropriate circular be issued to grant refund.
CAclubindia
