Rightnow I am doing the audit of one company, in the account of the co. ,they have created provison for FBT on A.Y.2009-10 and they have not paid the amount of FBT till today. So in this year i.e. A.Y. 2010-11 , co.has paid advance tax , son can I adjust FBT payable against Advanc tax paid?
27 May 2010
I want to ask one more thing that ,Co.created provision for FBT in the year 2008-09 is of Rs.577190and paid Rs. 574077.So,Rs.3113 is payable and in the year 2009-10 FBT provision is of Rs. 557928 and FBT paid Rs. 549102, So, Rs. 8826 Payable. so in Current year Rs.11939(i.e.Rs.3113 and Rs. 8826) , and in current year FBT advance paid Rs. 87072 and i want to st off payable Rs. 11939 against Rs. 87072,whether i have to pay interest on Rs. 11939 or not? or i can set off without interest?
27 May 2010
FBT IS ABOLOSIHED AFTER PASSING OF 1ST QUARTER OF FY 2009-10. ALL COMPANIES HAVE DEPOSITED FIRST INSTALMENT OF FBT FY 2009-10. AFTER ABOLOSIHMENT OF FBT , A NOTIFICATION ISSUED BY IT DEPTT THAT FBT PAID FOR FY 2009-10 WILL BE TREATED AS ADVANCE TAX FOR FY 2009-10. HENCE IF COMPANY HAS PAID FOR ADVANCE FBT THEN TREAT IT AS ADVANCE TAX FOR THAT YEAR. IF ANY AMOUNT PAYABLE FOR FBT OF LAST YEARS, THEN PAY IT.
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