Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

FBT 1st Quarter Payment

MohanaSundaram (Finance Executive) (33 Points)

07 July 2009

With abolotion of FBT with retrospective (subject to the President's sign off) will the department refund the payments made by company for FBT in the 1st quarter of FY09-10

Reply
Follow
Share

4 Replies

CA Nitin Wadhwani (Chartered Accountant) (4469 Points)
Replied 07 July 2009

Mr.Sundaram, the CBDT has clarified that the advance tax (FBT) will be adjusted against the normal tax liability.

Upgrade to CAclubindia Pro. Subscribe Now!

Sumit Jain (CA) (4760 Points)
Replied 07 July 2009

not refund actually but adjusted in the income tax

MohanaSundaram (Finance Executive) (33 Points)
Replied 08 July 2009

1. What is the remedy if the company does not have a normal tax liability.

2. Do you have a copy or reference number of the CBDT clarification of adjusment

Sushma Prabhakar (Finance) (45 Points)
Replied 10 July 2009

Hi,

If anyone knows, plz clarify regarding the 1st quarter payment whether we need to write to the department through a letter or through any other mode asking it to adjust the Q1 advance payment to normal tax liability or the Q1 FBT advance tax will be automatically adjusted.