It has been proclaimed in the Union Budget that FBT Has been abolished w.e.f. AY 2010-11 and the amendment is effective from 01.04.2010. My Query is: What treatment is to be given for the FBT Paid in Advance for the said Assessment Year. Thanks in Advance, Anand
17 July 2009
Idealy it should be adjusted against the advance tax payment for AY 2010-11 agsinat tax payble under noraml tax provision / MAT. If not so adjusted, it will be refunded to assessee after filing of ITR for 2010-2011. If the the assessee is not paying any taxes under normal tax provisions the amount would be refunded afteer filing of Income tax return for 2010-2011.
17 July 2009
Ideally it should be adjusted against the advance tax payment for AY 2010-11 against t tax payable under normal tax provision / MAT. If not so adjusted, it will be refunded to assessee after filing of ITR for 2010-2011. If the assessee is not paying any taxes under normal tax provisions the amount would be refunded after filing of Income tax return for 2010-2011.
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