No Provision for FBT or Short Provision

This query is : Resolved

Madhu (Querist)
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10 July 2007 Dear sir/Madam,

Kindly help me out in the following query,
"when a Limited company does not provide provision for FBT or when such provision made is short"

What are the likely risk implications from the same.

Thanking You,
Madhu.

Sanjeev Kumar Varshney

Sanjeev Kumar Varshney (Expert)
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11 July 2007 Dear Madhu

FBT is to be deposited in advance on or before 15th June, 15th Sept ... as in case of advance income tax. All penal provisions as applicable to short deposit of Income Tax shall be applicable to FBT also. ( See Section 115 WL )