FBT

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shaifali arora (Querist)
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25 June 2009 Hi, Can anyone answer my query...
if FBT have been paid during the year on expenses which include some amount which is disallowed now due to of personal nature while audit,can the company set off such Fbt paid against the FBT payable as on 31st march,2009 or what should be done?

Guest

Guest (Expert)

25 June 2009 Yes,

You can claim the same. You have to right for adjust the above. FBT is liable only in favor of allowed or deductable expenses as per income tax act.

CA Vishvesh

CA Vishvesh (Expert)
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25 June 2009 disallowance of expenses on account of personal nature is governed by various sections of IT Act. In my opinion even if FBT is paid on various exp and the part of which is disallowed , assessee cant take credit of the FBT paid.

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Guest

Guest (Expert)

26 June 2009 Dear Vishvesh,

If you remember that annexure of FBT is not diclose in IT-Return, I mean to say we put all the details in sub segregated heads and no annexure is to made for cosolidated amount, so on that behalf, I suggested that yes u claim.

Correct me, if I am wrong.