Provision for Exp

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Sushant Panigrahi (Querist)
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12 March 2008 Suppose i had purchased a diwali gift for staff worth Rs 10 lakhs, the bill is yet to be booked, so while preparing Advance FBT Return should i consider that FBT Amount or not. If i just make a provision for exp at the year end when the liablity for FBt will occur

CA J M Pattanayak

CA J M Pattanayak (Expert)
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12 March 2008 Once the expenses is accounted or Paid FBT is due on same.
So at Year end once the provision entry is accounted then FBT is due. Accordingly you should make the payment.

jegannath G

jegannath G (Expert)
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12 March 2008 Once it is accounted as expenses by way of provision or otherwise - it will attract FBT

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