21 December 2010
Gift to Employees is allowed expenses in u/s 37 ?? In AY 2008-2009 Assessee has paid FBT also so if these Expenses are disallowed in u/s 37 then FBT should also be refundable.
21 December 2010
Gift-in-kind up to Rs.5,000 in a year is allowable. IF FBT paid but expenses disallowed subsequently, you can ask the AO to adjust the difference amount for the current tax.
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