25 September 2009
Our Co. paid 1st quarter FBT advance tax and subsequently it was abolished. we have not adjusted it against IT advance tax payment for 2nd quarter of this F.Y. We also resulted in paying higher FBT Advance tax for P.Y than the actual liability. My question is whether we can adjust the 1st installment of FBT advance tax against 3rd quarter IT advance tax payable on 15th Dec 2009. Further is there a way out to adjust excess FBT advance tax paid for P.Y
Excess FBT paid in previous year by you will be refunded based on your i>Tax Return.
C.Y's fbt paid for 1st qtr of 2009-10 is a unique case as fbt has been abolished.Pepole expect that Govt. will come out with some quick refund mechanisim but till such time we have to wait and this is not adjustable with Advance Income Tax.( as far I know )
Would request my lrnd friends to share if they have any information
25 September 2009
Dear Sanjay, as far as my information is concerned from various ICAI members, the FBT paid for current year, shall be treated as advance Income Tax paid, and will be treated accordingly.
CAclubindia
